Liberia’s Central Bank defends $20m cash shipment to Ghana
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The Central Bank of Liberia (CBL) has come under scrutiny following reports of a $20 million cash consignment transiting through the Bank of Ghana (BoG) en route to Liberia.
In a press release, the CBL clarified that the transaction is legitimate and part of its normal function to meet the economy’s needs.
The CBL has a long-standing Cash Custody Agreement with the BoG, allowing the Ghanaian bank to provide overnight custody for CBL’s imported cash.
This arrangement has been in place since 2004, facilitating the shipment of cash from London-based Travelex Currency.
Recent media reports sparked controversy, suggesting that the cash shipment was suspicious.
However, the CBL has assured that the transaction is legitimate and cleared through both Ghana and Liberia Customs, validating its source.
The CBL has emphasized its commitment to transparency and accountability, urging the media to verify information about its operations before publication.
This move aims to maintain public trust and confidence in the bank’s activities.
This is not the first time the CBL has faced scrutiny over cash shipments.
In 2018, a similar incident occurred, where a $104 million cash shipment was reportedly missing.
The incident led to a thorough investigation and reforms within the CBL.
-BY Daniel Bampoe
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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