The Bank of Ghana (BoG) has addressed allegations made by Samuel Okudzeto Ablakwa, MP for North Tongu, concerning the receipt of uncirculated banknotes on behalf of the Central Bank of Liberia.
Ablakwa had claimed that the BoG received and held $20 million worth of uncirculated currency at the Kotoka International Airport, sparking public concern.
In response, the BoG issued a statement on August 28, 2024, clarifying that the uncirculated banknotes are part of a long-standing currency transfer arrangement between the BoG and the Central Bank of Liberia, established in 2004.
According to the BoG, these banknotes were imported from London and are meant to be re-exported to Liberia as part of this arrangement.
The BoG emphasized that all procedures related to this transaction were carried out in accordance with standard protocols and that there was no impropriety involved.
They also urged public figures to exercise caution when discussing sensitive financial matters to prevent unnecessary alarm and potential security risks.
The central bank described the media reports and Ablakwa’s actions as “unfortunate” and insisted that the arrangement between the two countries is based on mutual trust.
“For the avoidance of doubt, the Bank of Ghana 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 said Uncirculated Banknotes mentioned in the social media discussions on August 27 are part of this long-standing arrangement.”
Meanwhile, the Central Bank of Liberia also in a statement explained 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 a 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 Ghana and Liberia Customs, thus validating their legitimate sources,” part of the statement read.
