Gold watch purchase was only a proposal – BoG

The Central Bank of Ghana has insisted that it has not signed a contract with a Swiss company to supply it with gold watches to be given as ex gratia to some workers who are due for retirement.

Onua FM’s source at the central bank said contrary to media reports that the watches have been purchased, the proposal for the purchase has yet to even be approved.

“The Bank would like to state emphatically that there is no deal or monies paid to any company anywhere to produce gold watches but rather a request that was made to the Public Procurement Authority for assessment which has been misconstrued,” the source said.

The Bank of Ghana came under intense criticisms following reports that the apex bank had made an order to a Swiss company to supply it with gold watches amounting to $504,000.

But the source clarified: “Suddenly the argument in the media is sliding towards Bank of Ghana paying money and awarding a contract for supply. Simple explanation of the whole issue is that, before approval from PPA a contract cannot be awarded.

“Whether competitive tendering, selective or sole sourcing, entities are made aware that the selection process does not constitute any formal contract. This is exactly the process that was adopted by the Bank.”

For this reason, the source said the call for probe is out of place because management has not made any commitment or pay any amount as of today.

“So the dissatisfaction with the process or sole sourcing should not now be coined into contract and payment of cash, the bank and its management will continue to serve the interest of Ghanaians as mandated,” it said.