Central Bank of Liberia (CBL) has addressed the controversy regarding the recent transfer of US$20 million to Ghana’s central bank, the Bank of Ghana (BoG), following the disclosure of the documents by North Tongu Member of Parliament, Samuel Okudzeto Ablakwa.
In a statement released on Wednesday, August 28, 2024, and reviewed by GhanaWeb, the CBL confirmed that it is the rightful owner of the transferred funds.
The statement clarified that the US$20 million was sent to the BoG as part of an ongoing agreement under which the Bank of Ghana provides overnight custody for Liberia’s cash imports.
“The importation of United States dollars is part of the Bank’s normal function, which is required to meet the needs of the economy, including the USD withdrawal demands and needs of the Government of Liberia and the commercial banks.
“CBL and the Bank of Ghana (BoG) have a long-standing Cash Custody Agreement executed for the BoG to provide overnight custody for CBL imported cash when shipped from London by Travelex Currency, which is an international currency shipment company,” part of the statement reads.
It added, “These cash shipments by flights are cleared through both the Ghana and Liberia Customs, thus validating their legitimate sources.
The CBL once again emphasises its commitment to transparency and accountability and encourages the media to always reach out to the Bank to verify any information about the Bank’s operations before publication.”
Background:
Samuel Okudzeto Ablakwa, MP for North Tongu, has raised serious concerns regarding a US$20 million transfer to the Bank of Ghana, citing discrepancies in the documentation.
On August 27, 2024, Ablakwa posted on X about the situation, revealing that the US$20 million, which was cleared by the Ghana Revenue Authority (GRA), is intended for the Central Bank of Liberia.
According to Ablakwa, while official documents sent to the GRA indicate that the funds have been deposited with the Bank of Ghana for safekeeping until they can be transferred to Liberia, other documents from the Bank of Ghana suggest a different story.
Ablakwa is closely monitoring the situation to ensure that the funds are indeed forwarded to Liberia as intended and not retained by the Bank of Ghana as some documents might imply.
“I am keenly tracking the movement of some US$20 million cash which arrived in Ghana via KIA this afternoon. The cash has since been cleared by officials of the Bank of Ghana.
The Bank of Ghana must offer explanations on why supporting documents are not consistent with the content of its August 21, 2024, letter to customs and airport officials seeking to clear the uncirculated banknotes.
“Even though the Bank of Ghana claims the money was ordered by the central bank of Liberia and that the cash will be re-exported to Monrovia whenever there is an available flight, other intercepted documents, including an airway bill indicate emphatically that the consignee is the Bank of Ghana and not the central bank of Liberia.
He added, “My international partners and I will keep tracking this US$20 million cash from London to confirm if indeed the fresh banknotes will be transferred to Liberia, when the transfer will be carried out, and if the full amount will be transferred.”
The MP shared a document from the Bank of Ghana asking the GRA to clear the US$20 million, stating that it would be transferred to Liberia later.
He also shared an airline bill, which is supposed to show that the US$20 million belongs to the Bank of Ghana.