The Bank of Ghana (BoG) has responded to allegations made by Samuel Okudzeto Ablakwa, MP for North Tongu, regarding the receipt of uncirculated banknotes on behalf of the Central Bank of Liberia.
Ablakwa claimed that the BoG received $20 million worth of uncirculated currency at Kotoka International Airport, raising public concerns.
In an August 28, 2024, statement, the BoG clarified that these banknotes are part of a currency transfer arrangement with the Central Bank of Liberia, in place since 2004.
The BoG explained that the banknotes, imported from London, are intended for re-export to Liberia under this agreement.
The BoG assured the public that all procedures for this transaction were conducted according to standard protocols and emphasized that no wrongdoing occurred.
They also urged public figures to be cautious when discussing sensitive financial matters to avoid unnecessary alarm and potential security risks.
The central bank described the media reports and Ablakwa’s actions as “unfortunate,” stressing that the arrangement is based on mutual trust between the two nations.
To further clarify, the BoG stated, “The Bank of Ghana has had a long-standing currency transfer arrangement with the Central Bank of Liberia since 2004.
Per 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 mentioned in social media discussions on August 27 are part of this long-standing arrangement.”
The Central Bank of Liberia also issued a statement, explaining that importing U.S. dollars is a routine function required to meet the economic needs of Liberia, including fulfilling USD withdrawal demands and supporting commercial banks.
The statement also highlighted that the BoG provides overnight custody for the Central Bank of Liberia’s imported cash, shipped from London by Travelex Currency, an international currency shipment company.
These cash shipments are cleared through customs in both Ghana and Liberia, confirming their legitimacy.
