$20m Transfer Saga: It’s unfortunate an MP would do this – Bank of Ghana slams Ablakwa

In a statement sighted by GhanaWeb, the central bank, without naming anyone, criticised the legislator for alleging that the $20 million was transferred to its account contrary to its claims that the money was for the Central Bank of Liberia.

It added that the MP’s decision to share documents on the currency transfer was unfortunate because it raises serious security issues.

The bank explained that the $20 million was indeed for the Central Bank of Liberia and was only transferred to it for onward transport to Liberia because of an existing arrangement between the central banks of the two countries.

“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. 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,” part of the statement which was issued on Wednesday, August 28, 2024, reads.

It added, “Currency management is a sensitive operation and has security implications; therefore, it is unfortunate that a lawmaker would circulate such sensitive procedural and administrative clearance letters involving another sovereign nation in a bid to misinform and disinform the public and attach a narrative that seeks to suggest some wrongdoing on the part of the Bank of Ghana. The arrangement between the Bank of Ghana and the Central Bank of Liberia signifies mutual trust between the two countries and a testament to the strong bond of friendship between Accra and Monrovia.”

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, raised concerns about the transfer of $20 million to the Bank of Ghana without what he describes as consistent documentation.

In a post shared on X on Tuesday, August 27, 2024, the North Tongu legislator said that the $20 million was cleared by officials of the Ghana Revenue Authority (GRA) and is supposed to be for the Central Bank of Liberia.

He said that the documents addressed to GRA show that the money has been sent to the Bank of Ghana for safekeeping until it is transferred to Liberia, but documents from Ghana’s central bank show something different.

Ablakwa added he is monitoring the situation to see if the money in question would be sent to Liberia and is not for the Bank of Ghana as it claims.

“I am keenly tracking the movement of some US$20 million cash which arrived in Ghana via KIA this afternoon. The cash has since been cleared by officials of the Bank of Ghana. The Bank of Ghana must offer explanations on why supporting documents are not consistent with the content of its August 21, 2024, letter to customs and airport officials seeking to clear the uncirculated banknotes.

“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.

He added, “My international partners and I will keep tracking this US$20 million cash from London to confirm if indeed the fresh banknotes will be transferred to Liberia, when the transfer will be carried out and if the full amount will be transferred.”

The MP shared a document from the Bank of Ghana asking the GRA to clear the $20 million, stating that it would be transferred to Liberia later.

He also shared an airway bill which is supposed to show that the $20 million belongs to the Bank of Ghana.