The Financial institution of Ghana has responded to allegations raised by North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, regarding a current switch of $20 million, which he claimed lacked constant documentation.
In an announcement launched on Wednesday, August 28, 2024, the central financial institution addressed the considerations with out straight naming the MP, describing his actions as probably compromising nationwide safety.
The financial institution clarified that the $20 million in query was certainly supposed for the Central Financial institution of Liberia, not for the Financial institution of Ghana, as recommended by Mr. Ablakwa.
The Financial institution of Ghana defined that it has had a long-standing forex switch association with the Central Financial institution of Liberia since 2004. Underneath this settlement, the Financial institution of Ghana receives imported forex on behalf of the Central Financial institution of Liberia for re-export to Monrovia. The uncirculated banknotes on the middle of the controversy are a part of this established association, the financial institution acknowledged.
“For the avoidance of doubt, the Financial institution of Ghana has had a long-standing forex switch association with the Central Financial institution of Liberia since 2004, and per this settlement, the Financial institution of Ghana receives imported forex on behalf of the Central Financial institution of Liberia for re-export to Monrovia,” the assertion learn. The financial institution additional emphasised that the logistical preparations, together with scheduled flights, are in course of, and the funds will probably be transferred to Liberia accordingly.
The central financial institution criticized Mr. Ablakwa’s resolution to share paperwork associated to the forex switch, warning that it raised critical safety considerations.
“Foreign money administration is a delicate operation and has safety implications,” the financial institution famous, including that it was “unlucky” {that a} lawmaker would flow into such delicate info, probably deceptive the general public and damaging the connection between Ghana and Liberia.
Mr. Ablakwa had earlier expressed doubts in regards to the Financial institution of Ghana’s intentions, sharing paperwork on social media that appeared to indicate inconsistencies within the switch course of. He questioned why the supporting paperwork offered by the Financial institution of Ghana didn’t align with its August 21, 2024, letter to customs and airport officers.
In his publish on social media, Mr Ablakwa acknowledged, “Though the Financial institution of Ghana claims the cash was ordered by the central financial institution of Liberia and that the money will probably be re-exported to Monrovia every time there may be an out there flight, different intercepted paperwork, together with an airway invoice, point out emphatically that the consignee is the Financial institution of Ghana and never the central financial institution of Liberia.”
Mr. Ablakwa additional indicated that he and his worldwide companions would proceed to watch the scenario to make sure that the complete quantity is transferred to Liberia as claimed by the Financial institution of Ghana.
The Financial institution of Ghana concluded its assertion by reaffirming the mutual belief and robust bond of friendship between Ghana and Liberia, which it stated was demonstrated by the forex switch association.
In the meantime, the Central Financial institution of Liberia (CBL) has clarified the US$20 million money importation consigned to the Financial institution of Ghana (BoG) destined for Liberia is a reputable transaction, a media report by the New Daybreak in Liberia has stated.
The importation of United States {dollars} is a part of the Financial institution’s regular perform, which is required to satisfy the wants of the economic system, together with the USD withdrawal calls for and desires of the Authorities of Liberia and the industrial banks.
CBL and the Financial institution of Ghana (BoG) have a long-standing Money Custody Settlement executed for the BoG to supply in a single day custody for CBL imported money when shipped from London by Travelex Foreign money, a global forex cargo firm.
These money shipments by flights are cleared by means of Ghana and Liberia Customs, validating their reputable sources.
The CBL as soon as once more emphasizes its dedication to transparency and accountability and encourages the media to all the time contact the Financial institution to confirm any details about the Financial institution`s operations earlier than publication.