Bank of Ghana Defends $20 Million Currency Transfer Arrangement with Liberia
The Bank of Ghana has clarified the circumstances surrounding the transfer of uncirculated banknotes ($20m) to Liberia, dismissing social media claims of impropriety as misleading.
The Central Bank described the reports as a deliberate attempt to distort the facts of a longstanding arrangement with the Central Bank of Liberia, under which the Bank of Ghana has facilitated currency transfers since 2004.
In a statement issued on Wednesday, August 28, 2024, the Bank of Ghana confirmed that the uncirculated banknotes in question are part of a routine operation where imported currency is received on behalf of Liberia for subsequent re-export to Monrovia, Liberia’s capital.
The Bank emphasized that all relevant security protocols and logistical arrangements, including scheduled flights, are being observed, and that stakeholders are duly informed of these processes.
The Bank of Ghana in the statement, criticized the public dissemination of what it described as a sensitive and procedural clearance letter, suggesting that it was done with the intent to misinform and discredit the institution.
“Unless there is mischief intended, there was no reason for this matter to have become an issue for public discussion. 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 Central Bank noted.
“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,” it added.
The Central Bank further highlighted its sophisticated currency management operations, which it asserted are among the most advanced in the sub-region, and reaffirmed its commitment to supporting peer countries in line with international best practices.
