BoG clarifies currency transfer arrangements with Liberia
The Bank has categorically refuted any allegations of wrongdoing, emphasizing the long-standing nature of its agreement with the Central Bank of Liberia (CBL).
In a statement clarifying the issue, the Bank explained that since 2004, it has maintained a currency transfer arrangement with the CBL. Under this agreement, the Bank of Ghana receives imported currency on behalf of Liberia for subsequent re-export to Monrovia.
The Bank stressed that the uncirculated banknotes mentioned in the social media discussions on August 27, 2024, are part of this arrangement.
The Bank assured the public that all necessary logistical arrangements, including scheduled flights, will be finalized before these banknotes are re-exported to Liberia. It further emphasized that all relevant stakeholders are officially informed of the entry and exit of such consignments as part of its administrative processes and security protocols.
The BoG expressed concern over the unwarranted public discussion sparked by the circulation of a sensitive procedural and administrative clearance letter by a lawmaker. The Bank criticized this act as an attempt to misinform the public, stressing that currency management is a sensitive operation with significant security implications.
“This matter should not have become an issue for public discussion unless there is mischief intended,” the statement noted.
The Bank also emphasized that the arrangement between the BoG and the CBL is a testament to the strong bond of friendship and mutual trust between Accra and Monrovia.
The Bank of Ghana further reiterated its status as one of the most sophisticated currency management operations within the sub-region and assured that it would continue to provide support to peer countries in line with international best practices. The Bank of Ghana reaffirmed its commitment to maintaining its reputation as a reliable and trustworthy institution in all its international and domestic currency management engagements.
