Major shareholder of Global Access Savings and Loans, Dr Kofi Amoah, reveals how they lost US$5 million to fraud

Speaking on Good Evening Ghana, a current affairs show on Accra-based Metro TV, Dr Kofi Amoah said at a point the company could not trace an amount of US$5 million from its remittance business.

Dr. Kofi Amoah, whose company Progeny Ventures owns Global Access Savings and Loans.

He revealed that “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 added that the theft was discovered after he took over as Chief Executive Officer of the company somewhere 2015/2016.

Dr. Amoah indicated that 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.

According to Dr Amoah, this incident caused the downfall of Global Access coupled with the fact that its biggest source of income, remittances, has also taken a nosedive. He added that the Bank of Ghana was aware of the incident.