BoG Sets Records Straight On Liberia Currency Transfer Through Ghana

Dr Ernest Addison

 

The Bank of Ghana has stated to clarify a long-standing currency transfer arrangement with the Central Bank of Liberia, following a misleading news item circulating on social media emanating from loquacious North Tongu MP, Samuel Okudzeto Ablakwa.

The arrangement, established in 2004, allows the Bank of Ghana to receive imported currency on behalf of the Central Bank of Liberia for re-export to Monrovia.

This partnership signifies mutual trust and a strong bond of friendship between the two countries.

Recent Development

On August 27, a social media post by Okudzeto Ablakwa misinformed the public about the movement of uncirculated banknotes received by the Bank of Ghana for the Central Bank of Liberia.

The post suggested wrongdoing on the part of the Bank of Ghana, prompting the institution to set the records straight.

Clarification

The Bank of Ghana emphasized that the uncirculated banknotes are part of the existing arrangements and will be re-exported to the Central Bank of Liberia once logistical arrangements are finalized.

The bank assured that all relevant stakeholders are officially informed of the entry and exit of consignments related to this arrangement.

Security Implications

The Bank of Ghana expressed disappointment that a lawmaker circulated sensitive procedural and administrative clearance letters involving another sovereign nation, potentially compromising security protocols.

Reputation And Trust

The Bank reaffirmed its commitment to upholding its reputation as a reliable and trustworthy institution in international and domestic engagements in currency management. The Bank of Ghana boasts one of the most sophisticated state-of-the-art currency management operations in the sub-region.

-BY Daniel Bampoe

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