RE: GH¢49M Security-Fund Fraud Expose Banking System

We write in respect of the above-referenced article published on page 8 of your Newspaper —Business and Financial Times — on June 26, 2025.

The article discusses charges brought against the former Director of the National Securities Bureau (NSB), Kwabena Adu-Boahene and his wife, alleging their involvement in serious financial crimes, including money laundering.

In discussing these developments, the article identifies Guaranty Trust Bank (Ghana) Ltd (“the Bank”) as one of the institutions through which funds allegedly passed, and conveys, either explicitly or impliedly, that the Bank’s Anti-money Laundering (AML) framework is weak or deficient, and that it may have, facilitated the movement of the alleged funds.

The writer of the said article, among others, claimed that new accounts were opened at the Bank for four companies, namely, Advantage Solutions Ltd, Vertex Properties Ltd, Vertex Solutions Ltd and BNC Communications Bureau Ltd, into which an amount of Four Million and Two Hundred Thousand Ghana Cedis (GHS4,200,000.00) was paid. This claim is a palpable falsehood as the said companies do not hold, and have never held, account(s) with the Bank. Clearly, all the attributions of regulatory failure on the part of the Bank are, to say the least, unfounded as they are malicious.

Another falsehood conveyed by the said publication is the claim that the Bank declined to comment on the matter, citing the on-going trial. We wish to place on record that the Bank was  not contacted as claimed and therefore could not have declined comment in the manner stated in the said publication.

Based on the foregoing, we strongly reject the insinuation that the Bank maintains inadequate AML controls or that it failed in its regulatory obligations. Needless to say,  the Bank is a regulated financial institution subject to stringent regulatory oversight and operates a robust AML regime.

The statements and implications within the article, as they relate to the Bank, are factually incorrect and injurious to the reputation of the Bank. Accordingly,  we demand that your outlet take the following corrective actions:

The immediate removal of the article from any online platform on which you may have published same.

A full retraction of the false and misleading content relating to the Bank and an unqualified apology, to be published in your said Newspaper and/or online platform(s) with the same prominence that was given the original publication.

We hope that you will treat this matter with the urgency that it deserves.
Thank you.

Yours faithfully,

For: Guaranty Trust Bank (Ghana ) Ltd.

Kadmiel Oklu                                           Eric Aguda

Head, Legal Unit

Legal Officer

Apology and Retraction: GH¢49m Security-Fund Fraud Article

On Thursday, June 27, 2025, the B&FT published an article titled ‘GH¢49m Security-Fund Fraud Exposes Banking System’, which included references to transactions involving Fidelity Bank and GTBank Ghana and UMB

We sincerely retract and   apologise to Fidelity Bank , GTBank Ghana, UMB for any distress or reputational concern the publication may have caused and reaffirm our commitment to responsible journalism that upholds the principles of fairness and due process.

Managing Editor,

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