The Chief Executive of the Ghana Investment Promotion Centre, Mr. George Aboagye has resigned his position. His resignation followed a board meeting called to discuss reports that the GIPC provided funds for the political campaign activities of a group campaigning for President John Mahama. The GIPC has been in the news in the last two weeks over allegations of questionable expenditures. Its Chief Executive, Mr. Aboagye, who is also the Parliamentary candidate of the governing National Democratic Congress for the Ahanta West Constituency received a lot of flak for approving a request for GH¢4,000 by a group, Volunteers For Mahama. In the wake of the revelation, he told Joy FM he was going to investigate the matter. The President's campaign team nevertheless directed that the money be refunded in 24 hours. The dust did not settle on this matter when further evidence emerged that Mr. Aboagye also approved an amount of GH¢20,000 for the Board Chairman of the GIPC, Mr. Ishmael Yamson for his 70th birthday celebrations. Mr. Yamson confirmed a cheque for GH¢20,000 was indeed presented to his children who were organising the celebrations but he ordered it to be returned. Mr. Yamson later chaired a meeting that decided Mr. Aboagye must go. Read below the full statement signed by Board Chairman, Ishmael Yamson on Mr Aboagye's resignation. At an emergency meeting of the GIPC Governing Board held on Tuesday November 27, 2012, the Board took a very serious view of a Four Thousand Ghana Cedis (GHS4000) cheque made out to a group calling itself Volunteers For Mahama. Chief Executive of the GIPC, Mr. George Aboagye, who was recalled from his leave of absence by the Board accepted responsibility and unreservedly apologised to the President of the Republic and the GIPC Board for his actions. He has tendered in his resignation as a matter of principle although no funds were lost. Also invited to appear before the Board were the Director Marketing and Public Relations, the Deputy Finance Director and the Internal Auditor. In accordance with due process, a Board level disciplinary committee has been constituted to further investigate this matter. The public is hereby assured that the Board will take any appropriate actions that may become necessary. Signed: Ishmael Yamson Chairman of the Board Dated 27th November 2012