$20m cash consignment transiting through Bank of Ghana to Liberia is a legitimate transaction – Central Bank of Liberia

The Central Bank of Liberia (CBL) has said that a US$20M cash importation consigned to the Bank of Ghana (BoG) destined for Liberia is a legitimate transaction.

CBL said that 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 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.

“These cash shipments by flights are cleared through both the Ghana and Liberia Customs, thus validating their legitimate sources.

“The CBL once again emphasizes 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,” the CL said in a statement.

The BoG on its part also said that it 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 central bank said this after taking note of a news item circulating on social media, purported to “misinform and disinform the public”, about the movement of Uncirculated Banknotes received by the Bank of Ghana, on behalf of the Central Bank of Liberia.

According to the BoG, the said uncirculated banknotes mentioned in the social media discussions on August 27 are part of this longstanding arrangement.

When all logistical arrangements, including scheduled flights, are finalised, these would be re-exported to the Central Bank of Liberia, it explained.

As part of administrative processes and security protocols, all relevant stakeholders are officially informed of the entry and exit of consignments related this arrangement. Unless there is mischief intended, there was no reason for this matter to have become an issue for public discussion, the BoG added.

It said in a statement that 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 letter 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 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 Bank of Ghana has one of the most sophisticated state-of-the-art currency management operations within the sub-region and will continue to provide such support to its peer countries as per international best practice.

“The Bank of Ghana will continue to uphold its reputation as a reliable and trustworthy institution in all its international and domestic engagements in currency management,” the statement said.

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