IPNEWS: The Central Bank of Liberia (CBL) clarifies media reports, that a US$20M cash importation consigned to the Bank of Ghana (BoG) destined for Liberia is a legitimate transaction.
The importation of United States dollars is part of the Bank’s normal function, which is required to meet the needs of the economy, including the USD withdrawal demands and needs of the Government of Liberia and the commercial banks.
CBL and the Bank of Ghana (BoG) have long standing Cash Custody Agreement executed for the BoG to provide overnight custody for CBL imported cash when shipped from London by Travelex Currency, which is an international currency shipment company.
These cash shipments by flights are cleared through both the Ghana and Liberia Customs, thus validating their legitimate sources.
The CBL once again emphasizes its commitment to transparency and accountability and encourages the media to always reach out to the Bank to verify any information about the Bank`s operations before publication.
For his part, House of Representatives Chair on Ways, Means and Finance Committee, Representative Dixon Seboe says the use of Ghana as transit point by Central Bank of Liberia to bring in US$20million is legitimate and is part of the global money movement.
On Wednesday, August 28, 2024, The Liberia Investigator reported that Samuel Okudzeto Ablakwa, a member of the Ghanaian Parliament, raised concerns regarding a shipment of US$20 million allegedly sent by the CBL to Ghana.
Accordingly, the money is intended to be kept in the Bank of Ghana’s vault until an available flight can transport the money to Liberia.
A few hours after the publication by the media outlet, the CBL confirmed the report that Ghana is being used as a transit point to get the money back to Liberia.
Seboe, who is the Representative of Montserrado County Electoral District #16, acknowledged the concerns raised by Ablakwa of Ghana, but stated that the management team of the CBL informed the House’s Committee on Banking and Currency about the matter.
He told Bushrod Radio News Wednesday in an exclusive interview in Monrovia that the CBL chose Ghana as the transit point due to challenges faced with international flight.
Representative Seboe also quoted the Bank as saying, it had sent US$25 million mutilated banknotes to the Federal Reserve in the US, adding that the Reserve discounted the Bank US$5 million and asked that the US$20 million be sent through Ghana to later be sent through a chartered flight to Liberia.
In response to the concerns raised by Samuel Okudzeto Ablakwa, a member of the Ghanaian Parliament, Representative Seboe stressed that until Mr. Ablakwa can prove his suspicion about the transition, the account of the Central Bank of Liberia remains on course.
