"We recognize that there are issues within our organization relating to our privilege and lack of diversity, and we are committed to listening to the voices of those who have been harmed by the actions of those individuals and by our actions as a chapter," the statement read.
The sorority says the members in question are in the process of having their memberships terminated.
The GW Hatchet first reported the photo after students took to social media to call on university leaders to respond.
Imani Ross, a senator for the school's Student Association, tweeted the photo in question Wednesday night and noted the start of Black History Month.
The school responded to her tweet, saying it would "look into it."
"University administrators have begun the process of investigating and handling the matter," Ross told News4.
She said students in the multicultural community planned to hold a meeting at 8 p.m. Thursday to "discuss further actions regarding issues related to diversity and inclusion."
"This incident is deeply troubling, especially after Alpha Phi recently attended a diversity training on campus this past month,” Ross said.
George Washington University Provost Forrest Maltzman said since the report, there has been an active dialogue with the national headquarters of Alpha Phi and students on campus who have been affected.
"There was an entirely inappropriate posting on social media last night. Whatever the circumstance, or true intention of those involved, the image was disturbing, hurtful and not reflective of who I know we are as a community," Maltzman said in a statement.
"Unfortunately, racially charged incidents including bananas and Black students continue to arise at college campuses across the country," the GW Black Student Union said in an Instagram post.
New4 has reached out to Alpha Phi International for comment, but has not yet heard back.
"We recognize that there are issues within our organization relating to our privilege and lack of diversity, and we are committed to listening to the voices of those who have been harmed by the actions of those individuals and by our actions as a chapter," the statement read.