BoG submits report on 2015 bauxite exports to PAC

An amount of $41.05 million was realised as proceeds from the export of bauxite in 2015, according to the Bank of Ghana (BoG). This was contained in a report submitted to the Public Accounts Committee (PAC) of Parliament by the BoG.

This was after the BoG had failed to submit a report on bauxite export proceeds when it appeared before the PAC to answer questions on audited statements of the bank’s foreign exchange receipts and payments for 2015 at the committee’s sitting in Accra on April 25.

Report

A report on foreign exchange receipts and payments of the export of bauxite, as part of non-traditional exports, was not captured in the BoG audit report of 2015, which became a matter of concern to the PAC.

 Consequently, the Chairman of the PAC, Mr James Klutse Avedzi, instructed a Deputy Governor of the BoG, Dr Johnson Asiama, who led a team of directors from the central bank, to furnish the committee with proof of statements concerning the proceeds from the export of bauxite.

Explanation

 The central bank, in its response, said as stated in paragraph three of both reports, repatriation through the commercial banks did not constitute receipts in foreign currency that increased the reserve of the country as managed by the Bank of Ghana.

That, the bank said, explained why the proceeds from bauxite exports were not captured as part of the BoG’s foreign exchange receipts and payments reports.

 “From the foregoing, it is evident that the issue relating to the US$41.05m proceeds of bauxite was accounted for in the 2015 Statements of Foreign Exchange Receipts and Payments report,” the bank said.

 

 The bank further confirmed that total bauxite export volume and value for 2015 was captured in the balance of payments statistics, just as in all other years before and after.

An amount of $41.05 million was realised as proceeds from the export of bauxite in 2015, according to the Bank of Ghana (BoG). This was contained in a report submitted to the Public Accounts Committee (PAC) of Parliament by the BoG.

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