Richmond Atuahene: Ablakwa’s comment on BoG’s arrangement with CBL was made out of ignorance

A banking consultant, Richmond Atuahene has said a recent comment made by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa on the Bank of Ghana’s (BoG’s) currency transfer arrangement with the Central Bank of Liberia was made out of ignorance.

Earlier, Ablakwa took to social media platform X, to highlight that an amount of US$20 million was cleared by officials of the Ghana Revenue Authority (GRA) and was intended for the Central Bank of Liberia.

He noted that while documents addressed to the GRA indicate that the money was sent to the Bank of Ghana for safekeeping before being transferred to Liberia, records from the BoG suggest a different narrative.

However, speaking on the Asaase Breakfast Show on Thursday (29 August), Atuahene said the lawmaker must get some education on the processes and procedures of the central bank.

“I would advise him [Ablakwa] that he should get more education on this. He must study the practices in banking…”

Atuahene described the arrangement between the Bank of Ghana (BoG) and the Central Bank of Liberia as an international best practice because it has gone through the necessary rigorous checks.

“So this is not a practice that is unknown and for money of that magnitude to move, we would have had to satisfy international anti-money laundering standards.”

“Repose Confidence”

The banking consultant urged the public to repose confidence in the central bank and not to act in any way that would injure the reputation of the institution.

“… I see nothing wrong and I think the statement he [Ablakwa] made was uncalled for because it doesn’t do good to the reputation of the system.”

“… Let us repose confidence… because it is today, we are making this comment if something happens and you [Ablakwa] come to power, do you want people to protect the image of the central bank?”

Meanwhile, The Bank of Ghana (BoG) has also clarified its currency transfer arrangement with the Central Bank of Liberia (CBL), stressing that this partnership has been in place since 2004. 

In a press release dated Wednesday (28 August), the BoG explained that under this long-standing agreement, it receives imported currency on behalf of the CBL for re-export to Monrovia. 

The central bank reassured the public that the notes in question would be sent to Liberia once all logistical arrangements, including scheduled flights, were completed.

“The said uncirculated banknotes mentioned in the social media discussions on 27 August are part of this longstanding arrangement. When all logistical arrangements, including scheduled flights, are finalised, these would be re-exported to the Central Bank of Liberia.”

The BoG also criticised a lawmaker for sharing what it termed a “sensitive procedural and administrative clearance letter” related to the currency transfer. 

The bank expressed disappointment in the lawmaker’s actions; accusing the central bank of trying to create a misleading narrative.

“It is unfortunate that a lawmaker would circulate such sensitive procedural and administrative clearance letter 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 BoG emphasised that the arrangement with the CBL is a symbol of the mutual trust and strong ties between Ghana and Liberia.

“The arrangement between 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.”

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