Ghana Free Zones Board (GFZB) on Thursday denied media reports that 500,000 dollars disappeared from the Board’s account from May 2009 to November 2010. A statement from the Board and signed by the Chairman of its Finance Committee, Alhaji Ibrahim Dey, said the budget and expenditure of its secretariat is approved by the Board and is reviewed on a monthly basis. This is done by a Board Sub-Committee on Finance and Administration and subsequently by the full complement of the Governing Board at its monthly meeting. The statement said there were no transfers made from the Board to any persons or institution in Namibia, South Africa or Angola as alleged. “We wish to state categorically that these allegations are without factual basis and are simply not true. The Governing Board of GFZD is an executive Board, working with the Executive Secretary and also through its various sub-committees,” the statement said. The statement said the publication emanating from the Media Watch Research Associates is therefore false and should be regarded. It said if the organisation believed that it had compelling evidence to support the allegations it should make them available to the Board or any other appropriate authority for investigation.