BoG Denies Illegally Transferring Funds Offshore

The Bank of Ghana (BoG) has criticised as “unfortunate” and “reckless” the Trade Union Congress’ allegation that the Central Bank illegally transfers funds out of the country.

The BoG in a statement on November 1 denied the allegation.

“It has come to the attention of the Bank of Ghana that Dr Kwabena Nyarko Otoo of the Trades Union Congress passed an unfortunate remark about the Central Bank on Newsfile on Joy News TV/Joy FM on Saturday, 29th October 2022”

It added, “Bank of Ghana categorically denies the said allegations and also considers them extremely reckless.”

In an interview over the weekend, while proposing measures to solve the country’s deteriorating forex situation, Mr Otoo alleged that the Central Bank has created an alternative of itself at Cowlane in Accra where traders can illegally transfer money out of the country.

According to him, there is evidence of active collaboration between the BoG and the so-called “alternative.”

“You now have a situation where people are standing in front of the Airport Police Stations and other police stations trading dollars and cedis as if they are ‘kelewele’ and the police look on. Nobody does anything.

“You now have a situation in this country where we say we have an alternative Central Bank at Cowlane so if you want to transfer one million dollars and you don’t have the papers to be able to do that transfer, go to Cowlane, they will transfer it for you and there is evidence or at least growing suspicion… Cowlane is very close to the Bank of Ghana. There is an active collaboration between the two- the alternative Central Bank and the Central Bank. These are things our intelligence system must pick up and must be able to address”, he said in an interview on JoyNews Newsfile on Saturday.

But in reaction to it, the Central bank said his assertion should have been backed with evidence; however, since he failed to provide one, it is regarded as a “hearsay”.

“We would have expected that such strong allegations would have been supported by the requisite evidence, and not left at pure conjecture, mere suspicion or hearsay. This is especially so considering the quarters from which the allegations were made.”

The Bank, therefore, urged the public to disregard the allegation and assured that it is doing all it can to control inflation.

“Price stability, and doing all within our power to reduce the rising general level of prices. We are doing this guided by our core values of accountability, professionalism and integrity, and in accordance with law.”

It finally cautioned the public against unfounded statements.

Source: opemsuo.com/Hajara Fuseini