The Bank of Ghana has responded to allegations raised by North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, concerning a recent transfer of $20 million, which he claimed lacked consistent documentation.

In a statement released on Wednesday, August 28, 2024, the central bank addressed the concerns without directly naming the MP, describing his actions as potentially compromising national security.

The bank clarified that the $20 million in question was indeed intended for the Central Bank of Liberia, not for the Bank of Ghana, as suggested by Mr. Ablakwa.

The Bank of Ghana explained that it has had a long-standing currency transfer arrangement with the Central Bank of Liberia since 2004. Under this agreement, the Bank of Ghana receives imported currency on behalf of the Central Bank of Liberia for re-export to Monrovia. The uncirculated banknotes at the center of the controversy are part of this established arrangement, the bank stated.

“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 statement read. The bank further emphasized that the logistical arrangements, including scheduled flights, are in process, and the funds will be transferred to Liberia accordingly.

The central bank criticized Mr. Ablakwa’s decision to share documents related to the currency transfer, warning that it raised serious security concerns.

“Currency management is a sensitive operation and has security implications,” the bank noted, adding that it was “unfortunate” that a lawmaker would circulate such sensitive information, potentially misleading the public and damaging the relationship between Ghana and Liberia.

Mr. Ablakwa had earlier expressed doubts about the Bank of Ghana’s intentions, sharing documents on social media that appeared to show inconsistencies in the transfer process. He questioned why the supporting documents provided by the Bank of Ghana did not align with its August 21, 2024, letter to customs and airport officials.

In his post on social media, Mr Ablakwa stated, “Even though the Bank of Ghana claims the money was ordered by the central bank of Liberia and that the cash will be re-exported to Monrovia whenever there is an available flight, other intercepted documents, including an airway bill, indicate emphatically that the consignee is the Bank of Ghana and not the central bank of Liberia.”

Mr. Ablakwa further indicated that he and his international partners would continue to monitor the situation to ensure that the full amount is transferred to Liberia as claimed by the Bank of Ghana.

The Bank of Ghana concluded its statement by reaffirming the mutual trust and strong bond of friendship between Ghana and Liberia, which it said was demonstrated by the currency transfer arrangement.

US $20M cash consignment transit not illegal – Central Bank of Liberia reacts

Meanwhile, the Central Bank of Liberia (CBL) has clarified the US$20 million cash importation consigned to the Bank of Ghana (BoG) destined for Liberia is a legitimate transaction, a media report by the New Dawn in Liberia has said.

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, an international currency shipment company.

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

The CBL once again emphasizes its commitment to transparency and accountability and encourages the media to always contact the Bank to verify any information about the Bank`s operations before publication.