The media blitz over the controversial payment of GH¢4,000 to a group calling itself 'Volunteers for Mahama' by the Ghana Investment Promotion Centre (GIPC) has forced the board, headed by Mr. Ismael Yamsom, to reverse the payment.

The Chief Executive Officer of the GIPC, Mr. George Aboagye, has also resigned after attending an emergency board meeting held in Accra yesterday.

Though the former CEO was said to have resigned voluntarily, industry players think he was forced to quit the position by the board, over the controversial payment.

Below is the full statement released in Accra yesterday by the board, and signed by Mr. Ishmael Yamson.

At an emergency meeting of the GIPC Governing Board, held on Tuesday November 27, 2012, the Board took a very serious view of a Four Thousand Ghana Cedis (GH¢4000) cheque made out to a group calling itself Volunteers For Mahama.

Chief Executive of the GIPC Mr. George Aboagye, who was recalled from his leave of absence by the Board, accepted responsibility, and unreservedly apologised to the President of the Republic, and the GIPC Board for his actions. He has tendered in his resignation as a matter of principle, although no funds were lost.

Also invited to appear before the Board were the Director Marketing and Public Relations, the Deputy Finance Director, and the Internal Auditor. In accordance with due process, a Board level disciplinary committee has been constituted to further investigate this matter.

The public is hereby assured that the Board will take any appropriate actions that may become necessary.