ACCRA, GHANA: Kow Essuman, the legal adviser to the President of Ghana, has refuted claims made by Samuel Okudzeto Ablakwa, a Member of Parliament, regarding a US$20 million transfer allegedly involving the Central Bank of Liberia and the Bank of Ghana.
MP Ablakwa took to social media on Tuesday, August 27, 2024, to express concern over the movement of approximately US$20 million in cash, which he claimed had arrived in Ghana via Kotoka International Airport.
“The cash has been cleared by officials of the Bank of Ghana,” Ablakwa stated, sharing a document purportedly from the Bank of Ghana, requesting permission to clear uncirculated banknotes.
According to the document, a copy of which is in the possession of The ‘Investigative’ INDEPENDENT, the Bank of Ghana requested the Customs Division of the Ghana Revenue Authority to “kindly permit representatives of the Bank of Ghana to clear uncirculated banknotes ordered by the Central Bank of Liberia into the Bank of Ghana vault.”
The document further indicated that the banknotes are to be re-exported to the Central Bank of Liberia (CBL) when a flight to Liberia becomes available.
Ablakwa, a prominent member of the main opposition party, the National Democratic Congress (NDC), criticized the Bank of Ghana, suggesting that other intercepted documents, including an airway bill, clearly state that the consignee is the Bank of Ghana and not the Central Bank of Liberia.
“My international partners and I will keep tracking this US$20 million cash from London to confirm if indeed the fresh banknotes will be transferred to Liberia, when the transfer will be carried out and if the full amount will be transferred,” he added.
However, contrary to the claims made by the MP, Kow Essuman, the legal adviser to the President of Ghana, argued that Ablakwa’s assertions are riddled with inconsistencies.
“Again, there are inconsistencies in your write-up and the documentation posted in support thereof. I see no mention of US$20 million anywhere but for your commentary,” Essuman responded.
“I stand to be corrected. Furthermore, there is no currency stated on the Air Waybill except for ‘GBP,’ which refers to Pounds Sterling. But even that refers to the cost of the shipment,” Essuman wrote on X (formerly Twitter).
“If this is all you have as at now, then your conclusions are premature and erroneous. The BoG letter, dated August 21, 2024, which you’ve posted, states that the uncirculated banknotes have been ordered by the Central Bank of Liberia to be kept in the vault of BoG. If that is the case, then, the proper consignee for the purposes of the Air Waybill is the Bank of Ghana,” Essuman added.
Essuman elaborated: “The Central Bank of Liberia cannot be the proper consignee of the goods stated on the Air Waybill. The simple question to ask is: ‘Who is receiving the cash from the airline? Is it BoG or the Central Bank of Liberia?’ The obvious answer is BoG. When the uncirculated banknotes are re-exported to Liberia, the proper consignee there will be the Central Bank of Liberia.”
The document did not specify the number of uncirculated banknotes, a point highlighted by Essuman and verified by our investigation.
However, the Central Bank of Liberia has defended the US$20 million figure suggested by the MP.
In a statement, the Central Bank of Liberia (CBL) clarified that US$20 million cash importation consigned to the Bank of Ghana and destined for Liberia is a legitimate transaction.
The CBL explained that the importation of U.S. dollars is a routine operation necessary to meet the needs of the economy, including the USD withdrawal demands of the Government of Liberia and commercial banks.
Furthermore, the CBL and the Bank of Ghana have a longstanding Cash Custody Agreement, which allows the BoG to provide overnight custody for CBL-imported cash shipped from London by Travelex Currency, an international currency shipment company.
These cash shipments are cleared through customs in both Ghana and Liberia, ensuring their legitimate sources.
The CBL reiterated its commitment to transparency and accountability, encouraging the media to reach out to the Bank to verify any information about its operations before publication. Investigation continues.
