BoG: Uncirculated banknotes part of established agreement with Liberia’s Central Bank — BoG

The Bank of Ghana (BoG) has clarified recent allegations regarding the movement of uncirculated banknotes received on behalf of the Central Bank of Liberia.

Samuel Okudzeto Ablakwa, MP for North Tongu, had alleged that the BoG received uncirculated banknotes on behalf of the Central Bank of Liberia.

However, in a statement dated August 28, 2024, the BoG explained that the uncirculated banknotes in question are part of a long-standing arrangement between the two central banks.

“The Bank of Ghana has taken 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.

“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.”

The BoG assured that the uncirculated banknotes will be re-exported to the Central Bank of Liberia once all logistical arrangements, including scheduled flights, are finalized.

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

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

The Bank of Ghana described it as “unfortunate” attempts by Ablakwa to circulate such “sensitive procedural and administrative clearance letter involving another sovereign nation in a bid to misinform and disinform the public.”

A related statement by the Central Bank of Liberia also confirmed, “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.”

-citinewsroom