A chartered accountant has petitioned Parliament's Public Accounts Committee to investigate the alleged unexplained withdrawal of GH¢52.5 billion from government's account at GCB Bank in 2020.

In a letter addressed to the PAC chairman, Mike Kofi Afflu stated that in 2020 the Auditor-General had called on the Managing Director of the Bank, in a letter, to explain why the money has been deposited into an unknown account.

However, after nearly three years, the Auditor-General has failed to provide an update on where the money was transferred to, who authorised the transfer, which account was it transferred to and who the recipient is, he noted.

"Mr Chairman, the USD/GHS average rate for October 2020 was 5.77522. The amount of GH¢52.5 billion was, therefore, equivalent to US$9,090,783. Mr Chairman, if this GH¢52.5 billion (from GRA Account) had been transferred to the Bank of Ghana as mandated by law, Ghana would not have gone to the International Monetary Fund (IMF) for the bailout of $3 billion," parts of the letter read.

Mr Afflu, therefore, called on the Public Accounts Committee of Parliament to invite the Auditor-General to provide the necessary explanation to the committee and Ghanaians as a whole.

"We want to know who withdrew that amount of money from the GCB Bank Plc and for what. I am confident that your Committee will do a thorough job on this Petition please," he added.

In 2020 when this allegation first came up, GCB Bank issued a statement and denied that any such money had been transferred from the bank. It also described the allegation as mischievous and that it came from a doctored letter that purported to emanate from the Ghana Audit Service.

"The said letter, currently circulating mostly on social media with the caption, "Audit Service Reports of GH¢52.5 Billion Transferred from GCB Bank To Unknown Sources," alleges that a total amount of GH¢52.5 billion was transferred from GCB's accounts to unidentified sources. This is false and mischievously designed to discredit the Bank," the statement said.

 "We hereby deny the allegation that GCB has effected unauthorised transfers. We further assure all our stakeholders that GCB, as a Bank of international repute, conducts its activities in line with sound banking principles. The Bank will not engage in any activity that will erode the trust and confidence the public has reposed in us over the years".

Below is Mike Kofi Afflu's petition in detail

Dear Sir,
PETITION FOR INVESTIGATION INTO THE AMOUNT OF GH¢52.5 BILLION TRANSFER FROM GCB BANK PLC.

I am writing this petition as a Citizen of Ghana.

In a letter dated 5th October, 2020 from the Audit Service to the Managing Director of GCB Bank Plc., the Auditor - General, demanded the Bank to explain why an amount of GH¢52.5 billion was transferred from the Bank into an Unknown Account.

Since then, the Auditor-General has not provided any explanation to the Ghanaian Taxpayer to explain:

1. Where the money was transferred to
2. Who authorized that amount to be transferred by the bank?
3. Into what account was the money transferred
4. Details of the recipient account and any related issues

Mr. Chairman, the USD /GHS average rate for October 2020 was 5.77522.
The amount of GH¢52.5 million was therefore equivalent to US$9,090,783

Mr. Chairman, if this GH¢52.5 billion (from GRA Account) had been transferred to the Bank of Ghana as mandated by Law, Ghana would not have gone to the International Monetary Fund (IMF) for the bailout of $3 billion.

I am therefore requesting the Public Accounts Committee of Parliament of which you are the Chairman, to invite the Auditor-General of Ghana to provide the necessary explanation to your committee and Ghanaians as a whole.

We want to know who withdrew that amount of money from the GCB Bank Plc and for what.

I am confident that your Committee will do a thorough job on this Petition please.
Thank you.