Central Bank of Liberia reacts to Ablakwa’s allegation over US$20m transfer to Bank of Ghana

The Central Bank of Liberia (CBL) has commented on the brouhaha surrounding the US$20 million that was recently transferred to Ghana’s central bank, the Bank of Ghana (BoG), after the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, leaked documents of the transfer.

In a statement issued on Wednesday, August 28, 2024, which was sighted by GhanaWeb, the CBL confirmed that it owns the US$20 million transferred to the BoG.

The Central Bank of Liberia explained that the money was transferred to Ghana’s central bank as part of an existing arrangement for the BoG to provide overnight custody of its cash imports.

“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, which is an international currency shipment company,” part of the statement reads.

It added, “These cash shipments by flights are cleared through both the Ghana and Liberia Customs, thus validating their legitimate sources. The CBL once again emphasises its commitment to transparency and accountability and encourages the media to always reach out to the Bank to verify any information about the Bank’s operations before publication.”

Background:

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, raised concerns about the transfer of US$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 US$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 the 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 US$20 million, stating that it would be transferred to Liberia later.

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

BAI/ ADG

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