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Business News of Wednesday, 21 August 2019

Source: citibusinessnews.com

Global Access Savings and Loans lost US$5 million to fraud - Kofi Amoah reveals

The majority shareowner of defunct Global Access Savings and Loans, Dr. Kofi Amoah, has opened the lid to some of the challenges the company went through which culminated in having its license revoked by the Bank of Ghana.

Dr. Kofi Amoah, whose company Progeny Ventures owns Global Access Savings and Loans speaking on Good Evening Ghana, a current affairs show on Accra-based Metro TV stated that the company at a point could not trace an amount of US$5 million from its remittance business.

“US$5 million got wiped out of the company. We sell dollars and we get cedi back. So we found out that when the dollars were sold the cedi equivalent never came,” he revealed.

According to the businessman, the theft was unearthed after he had assumed the position of Chief Executive Officer of the company somewhere 2015/2016.

Dr. Amoah said thorough investigations were conducted into the incident and a process was put in place to look into all the transactions that resulted in the loss.

“We found out a lot of things in the investigations and that means we would have to go and collect… The managing director at the time, the board fired him. We didn’t know all these things until he was fired. All we knew was things wasn’t going on well,” he said.

Dr. Amoah stated that the Bank of Ghana was aware of the incident which he said spiralled the downfall of Global Access coupled with the fact that its biggest source of income, remittances, has also taken a nosedive.