In a move that restores faith in corporate integrity, a Ghanaian company has voluntarily returned a staggering GHS 252,424.25 mistakenly credited to its account, setting a remarkable example of ethical business conduct. But here’s where it gets intriguing: EMB Ghana Ltd, a wholly Ghanaian-owned firm specializing in project contracting, compliance consulting, and goods supply, took swift action after receiving the erroneous payment in January 2024. Through its bankers, GCB Bank Plc, the company promptly initiated the reversal process, demonstrating a commitment to transparency and accountability that’s all too rare in today’s business landscape.
In a letter dated January 15, 2024, addressed to GCB Bank’s High Street Branch in Accra, EMB Ghana Ltd’s CEO, David Kojo Flika, requested the funds be ‘immediately reversed to the source.’ The letter, obtained by Citi Newsroom, reveals that the company received a SWIFT credit transfer alert on January 12, 2024, at 3:20 p.m., despite not being entitled to the amount. ‘We wish to indicate that the payment made to us via SWIFT was in error,’ Mr. Flika stated, emphasizing the company’s adherence to high ethical standards. This gesture aligns with EMB Ghana’s corporate philosophy, which prioritizes earning public and stakeholder trust.
And this is the part most people miss: Mr. Flika attributed his moral compass to the teachings of The Apostolic Church, Ghana, his alma mater, Presbyterian University, Ghana (motto: Fiat Disciplinarian), and his family heritage from the Flika Akuteye Zotorvie Family of Koluedor-Mahem Ada. These influences, he noted, have instilled in him a deep commitment to discipline and integrity. He urged students, professionals, contractors, suppliers, consultants, and the corporate world to follow suit, highlighting that transparency and accountability are not just virtues but necessities.
The letter was also shared with officials at the Ministry of Works and Housing and the Controller and Accountant-General’s Department. At the time of publication, neither GCB Bank nor the Ministry of Works and Housing had issued a public statement on the matter. SWIFT transfers, widely used for international and large domestic transactions, occasionally lead to such errors, requiring swift collaboration between banks and clients to rectify.
But here’s the controversial question: In an era where financial missteps often go uncorrected, should companies be legally obligated to return erroneous payments, or should such actions remain a matter of ethical choice? Let’s spark a conversation—do you think EMB Ghana Ltd’s actions should set a precedent, or is this an exception in a flawed system? Share your thoughts below!