The Bank of Ghana has addressed reports regarding the transfer of uncirculated banknotes, clarifying its long-standing currency transfer arrangement with the Central Bank of Liberia.
The central bank in a press release today August 28, noted that recent social media posts about the currency transfer have misrepresented the nature of the currency movements between the two countries.
The reports were initially made by North Tongu MP, Samuel Okudzeto Ablakwa, who hinted on Tuesday that he was monitoring the movement of US $20 million cash that arrived through Ghana’s Kotoka International Airport.
But the BoG in its statement says that the uncirculated banknotes in question are part of an ongoing agreement, established in 2004, under which the Bank of Ghana receives imported currency on behalf of the Central Bank of Liberia. These banknotes are then re-exported to Monrovia once all logistical arrangements, including scheduled flights, are completed.
“The said Uncirculated Banknotes mentioned in the social media discussions on August 27 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 Bank said, adding that “as part of administrative processes and security protocols, all relevant stakeholders are officially informed of the entry and exit of consignments related to this arrangement.”
The statement further mentioned that the arrangement between the two central banks reflects a deep bond of mutual trust and friendship between Ghana and Liberia.
“The Bank of Ghana has one of the most sophisticated state-of-the-art currency management operations within the sub-region and will continue to provide such support to its peer countries as per international best practice.”
Liberia’s Central Bank has also confirmed the consignment, saying it’s a legitimate transaction.
The Central Bank of Liberia (CBL) in response to media reports questioning the legitimacy of the transaction, clarified that the importation of United States dollars is a routine operation essential for meeting the country’s economic needs, which includes fulfilling USD withdrawal demands from the Government of Liberia and various commercial banks.
The CBL and BoG have a long-standing Cash Custody Agreement, under which the BoG provides overnight custody for CBL’s imported cash shipments. These shipments, which originate from London and are handled by Travelex Currency, an international currency shipment company, are cleared through customs in both Ghana and Liberia, ensuring that their sources are legitimate.
