The Bank of Ghana (BoG) has responded to recent social media claims suggesting improper conduct regarding the movement of uncirculated banknotes between Ghana and Liberia.
The Central Bank described the allegations as misleading and unfounded, reaffirming that the transfer of currency to the Central Bank of Liberia is part of a long-standing agreement established in 2004.
In an official statement issued by the Communications Team of BoG, the bank explained that it has consistently managed the receipt and transfer of currency on behalf of the Central Bank of Liberia, as per the established arrangement.
The recent discussions on social media, which questioned the integrity of this process, stemmed from a misunderstanding of routine procedures that have been in place for nearly two decades.
“For the avoidance of doubt, the Bank of Ghana has a long-standing currency transfer arrangement with the Central Bank of Liberia since 2004.
“Per this agreement, the Bank of Ghana receives imported currency on behalf of the Central Bank of Liberia for re-export to Monrovia,” the statement read.
“The uncirculated banknotes mentioned in the social media discussions on August 27 are part of this long-standing arrangement.”
The Bank of Ghana emphasised that the process of transferring currency involves strict logistical and security measures, including informing all relevant stakeholders about the entry and exit of consignments.
The bank expressed disappointment that the circulation of a procedural and administrative clearance letter—a document meant for internal communication—had been taken out of context, leading to public misinformation.
“Currency management is a sensitive operation with security implications,” the statement continued.
“It is unfortunate that a lawmaker would circulate such a 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 Bank of Ghana further underscored the importance of the currency transfer arrangement as a symbol of mutual trust and cooperation between Ghana and Liberia.
It noted that this relationship reflects the strong diplomatic ties between the two West African nations and the commitment of the Bank of Ghana to support its peers in the region.
“The arrangement between the Bank of Ghana and the Central Bank of Liberia signifies mutual trust between the two countries and is a testament to the strong bond of friendship between Accra and Monrovia,” the statement asserted.
In light of the controversy, the Bank of Ghana reaffirmed its commitment to maintaining the highest standards in currency management, both domestically and internationally.
The bank highlighted its state-of-the-art currency management operations, which are considered among the most advanced in the sub-region, and reassured the public of its dedication to upholding its reputation as a reliable and trustworthy institution.
“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,” the statement concluded.
“We will continue to uphold our reputation as a reliable and trustworthy institution in all our international and domestic engagements in currency management.”
