A Ghanaian company, EMB Ghana Ltd, has returned an amount of GHS 252,424.25 that was mistakenly credited to its account in January, 2024 through its bankers, GCB Bank Plc.
In a letter seen by Citi Newsroom and dated January 15, 2024, the company’s Chief Executive Officer, David Kojo Flika, wrote to the bank’s High Street Branch in Accra, requesting that the funds be “swiftly reversed to the source.”
According to the letter, EMB Ghana Ltd received an SMS alert on January 12, 2024, at 3:20 p.m. confirming a SWIFT credit transfer in its favour.
The company, however, stated that the transaction was made in error, as they were not due the said amount.
“We wish to indicate that the payment made to us via SWIFT was in error. We write to humbly request the reversal of the same to the source of funds,” Mr. Flika stated in the correspondence.
The company’s CEO said the reversal aligns with EMB Ghana’s corporate principle of upholding high ethical standards and values, adding that corporate institutions must earn the trust of the public and stakeholders.
“The teachings of my church, The Apostolic Church, Ghana, and that of my alma mater, the Presbyterian University, Ghana with the motto Fiat Disciplinarian and where I come from, the Flika Akuteye Zotorvie Family of Koluedor-Mahem Ada, have further deepened my moral values to uphold discipline at all times,” he noted.
He advised students, individuals, fellow contractors, suppliers, consultants, and the corporate community to emulate the gesture by upholding transparency and accountability, adding that good moral values are a virtue.
About EMB Ghana Ltd
EMB Ghana Ltd is a wholly owned Ghanaian company engaged in project contracting, compliance consulting,
and goods supply.
The letter was also copied to officials at the Ministry of Works and Housing and the Controller and Accountant-General’s Department.
At the time of this publication, neither GCB Bank nor the Ministry of Works and Housing had publicly commented on the matter.
SWIFT transfers, commonly used for international and large domestic transactions, can occasionally result in erroneous credits, often requiring immediate coordination between banks and clients to resolve.