The GCB Bank Limited (GCB) has fought off claims suggesting that it transferred ¢52.5 billion of tax revenue to unknown sources.

The bank in a statement said it has "noted with grave concern a publication of a doctored letter dated October 5, 2020, purportedly emanating from the Ghana Audit Service(GAS) in respect of funds transferred.

This is in response to a letter currently circulating on social media with the caption, 'Audit Service Reports of ¢52.5 billion transferred from GCB Bank to unknown sources.’

The bank, however, has asked the general public to disregard the publication as its content is false and mischievously designed to discredit the bank.

"GCB bank will not engage in any activity that will erode the trust and confidence the public has reposed in us over the years.

"We hereby deny the allegations that the GCB has effected unauthorised transfers. We have further assured all our stakeholders that GCB as a bank of international repute, conducts its activities in line with sound banking principles," the statement further said.

Meanwhile, the Ghana Audit Service has also issued a statement clarifying matters in the said publication associated with it.

In the statement, the Audit service said the letter in circulation is one of the letters which issued to participating commercial banks for their responses to infractions noted during "a reconciliation of their statements."

"The audit in reference was issued under a special audit exercise which was requested by the Finance Minister Ken Ofori Atta in a letter dated 15th August 2020, based on the mandate of the President under Article 187(8).

"With the assistance of both the commercial banks and the Bank of Ghana, we have been able to trace with satisfaction, some of the transfers. The cooperation from the participating banks is encouraging and we are hoping to complete the reconciliation exercise soon," the statement from the service said.

The Audit service further assured the public that it will surcharge any participating commercial bank who defaults in transferring tax receipts collected from the various transit accounts into the respective BoG Holding Accounts.

"Once again, we wish to assure the public that, as usual, we shall submit the audit report to parliament when the exercise is completed," it added.