We will maintain zero tolerance for corruption – BoG

The Governor and entire management of the Bank of Ghana have pledged to continue to uphold the tenets of the institution by not giving room for corruption to thrive.

This comes after the bank sacked one of its senior staff, Gilbert Addy, for ‘gross misconduct’ in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016.

The bank in a statement noted that the unfortunate incident took place under the previous Governor but the current administration will ensure it is not repeated.

“The misconduct of this Official took place in 2016 during the tenure of the previous Governors of the Bank of Ghana. The Bank’s current Governor, Dr Ernest Addison, has made clear by this action that he, the Board and Management of the Bank of Ghana will maintain a zero tolerance policy towards corruption.”

Gilbert Addy is said to have received GH¢410,000 from Sibton Switch Systems Limited and its parent company, Sibton Communications Limited, through his company, GIB JUST Systems Limited.

This was revealed after thorough investigations by the Bank of Ghana’s international legal counsel after Sibton had dragged the central bank to the London Court of International Arbitration (LCIA) over breach of contract.

Mr Addy is reported to have deleted email records and concealed payments received from Sibton from the central bank in order to hide his deeds.

“The misconduct by Mr Gilbert Addy was of the most serious nature and a gross violation of the trust placed in him, breaching the Code of Conduct for Bank of Ghana staff, and the BoG Senior Staff Rules and Conditions of Service, as well as the Bank of Ghana Code of Ethics,” the Central Bank’s statement reads.

“Mr Gilbert Addy was the Project Manager leading the interoperability project. His role was to safeguard the Bank’s interests in the project but instead, he accepted huge bribes (which were more than 14 times his annual salary at the Bank of Ghana). It appears that the entire bidding process for the procurement of Sibton Switch was managed with the knowledge of the previous leadership of the Bank of Ghana in 2016, who appeared to be under intense pressure to deliver the contract to Sibton Switch Limited.”

Read the full statement below