Bank of Ghana has addressed concerns raised by MP Samuel Okudzeto Ablakwa regarding a $20 million transfer he questioned for inconsistent documentation.
In a statement dated Wednesday, August 28, the central bank criticised Ablakwa’s allegations, clarifying that the funds were designated for the Central Bank of Liberia, as previously disclosed.
While the statement didn’t explicitly name Ablakwa, it expressed disappointment over his decision to publicly share documents related to the transfer, implying that such actions were inappropriate and potentially misleading.
Bank of Ghana has addressed concerns raised by MP Samuel Okudzeto Ablakwa regarding a $20 million transfer, clarifying that the funds were part of an agreement with the Central Bank of Liberia.
The bank criticised the public sharing of sensitive documents, calling it “unfortunate” and raising security concerns.
They emphasised that the transfer was executed according to standard procedures and assured the public that there was no misconduct involved.
The bank also urged caution when handling sensitive financial matters to avoid unnecessary alarms and risks.
“For the avoidance of doubt, the Bank of Ghana has had a long-standing currency transfer arrangement with the Central Bank of Liberia since 2004, and per this agreement, the Bank of Ghana receives imported currency on behalf of the Central Bank of Liberia for re-export to Monrovia.
The said Uncirculated Banknotes mentioned in the social media discussions on August 27 are part of this long-standing arrangement.
When all logistical arrangements, including scheduled flights, are finalised, these would be re-exported to the Central Bank of Liberia.
“As part of administrative processes and security protocols, all relevant stakeholders are officially informed of the entry and exit of consignments related to this arrangement.
Unless there is mischief intended, there was no reason for this matter to have become an issue for public discussion,” part of the statement stated.
“Currency management is a sensitive operation and has security implications; therefore, it is unfortunate that a lawmaker would circulate such sensitive procedural and administrative clearance letters involving another sovereign nation in a bid to misinform and disinform the public and attach a narrative that seeks to suggest some wrongdoing on the part of the Bank of Ghana.”
The arrangement between the Bank of Ghana and the Central Bank of Liberia signifies mutual trust between the two countries and a testament to the strong bond of friendship between Accra and Monrovia,” the statement added.
Samuel Okudzeto Ablakwa, the North Tongu MP, raised concerns about a $20 million transfer to the Bank of Ghana, questioning the consistency of related documentation.
He pointed out that while Ghana Revenue Authority (GRA) documents indicated the funds were for safekeeping before being transferred to the Central Bank of Liberia, records from the Bank of Ghana suggested a different story.
Ablakwa is monitoring the situation to ensure the funds are properly transferred to Liberia and not retained by the Bank of Ghana as claimed.