Fraudsters duped Global Access of US$5 million — Kofi Amoah painfully reveals

Fraudsters duped Global Access of US$5 million — Kofi Amoah painfully reveals

- Dr. Kofi Amoah, has opened up about some of the challenges the company went through which resulted in the revocation of its operational license

- According to Dr Kofi Amoah an amount of US$5 million from its remittance business was lost to fraudsters

- He said the company did not know of all the anomalies that were on going in the company until the managing director at the time was relieved of his position.

The majority shareholder and investor of defunct Global Access Savings and Loans, Dr. Kofi Amoah, has opened up about some of the challenges the company went through which resulted in the revocation of its operational license revoked by the Bank of Ghana.

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

Speaking on Metro TV's current affairs show, Good Evening Ghana, he stated that the company at a point could not trace an amount of US$5 million from its remittance business.

READ ALSO: Corruption Perception Index: Ghana named second most corrupt country in Africa

“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 him, the company did not know of all the anomalies that were on going in the company until the managing director at the time was relieved of his position.

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, had also taken a nosedive.

READ ALSO: Fight Against Galamsey: Culprits to get 15-year minimum jail term

In other news, President Akufo-Addo has warned that persons caught engaging in illegal mining activities will henceforth be given a minimum sentence of 15 years.

This follows the amendment of the mining law of Ghana, which also stipulates a maximum of 25 years for illegal miners.

The President said punishments have also been increased for foreigners who would be found working illegally in the mining industry.

READ ALSO: Corruption Perception Index: Ghana named second most corrupt country in Africa

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Source: Yen

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