Audit Service Provides Clarity On Report Alleging Transfer Of ¢52.5bn Tax Revenue To Unknown Sources

Deputy Auditor-General George Swanzy Winful has clarified reports of alleged transfer of GH¢52.5 billion to unknown sources by commercial banks.

In a statement, he noted that the audit which has been requested by the Finance Minister, Ken Ofori-Atta is to confirm the transfer of receipts from various transit accounts maintained by commercial banks into the respective Bank of Ghana Hold Accounts from 2015 to date.

The statement said “Please be informed that our letter in circulation is one of the letters which we issued to participating commercial banks for their responses to infractions noted during our reconciliation of their statements. [And] with the assistance of both the commercial banks and Bank of Ghana, we have be 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,” he said.

Mr Winful then noted that the Service will not hesitate to 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.”

Meanwhile, the GCB Bank Limited has denied ever engaging in any transaction that purportedly transferred GH¢52.5 billion to unknown sources.

This was contained in a letter said to have been issued by the Ghana Audit Service (GAS).

The letter, making rounds on social media, was dated 5th October, 2020.

But in a statement issued by the Corporate Affairs Department of the Bank, the allegations are false.

“This is false and mischievously designed to discredit the Bank.

“We hereby deny the allegation that GCB has effected unauthorized transfers.”

The Bank assured all its stakeholders that as a bank of international repute, it 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.”

Full statement below:

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