Inflation, FX rate led to GH¢97.4m spent on foreign and domestic trips – BoG

The Bank of Ghana has clarified that the GH¢97.4 million spent on foreign and domestic travel expenses in 2022 was largely impacted by surging inflationary pressures and foreign exchange woes.

This comes after the Minority in Parliament accused the Central Bank of over expenditure by 246 percent compared to the previous year in 2021.

But the Bank of Ghana in a statement issued on August 9 explained that, “Like other expenditure lines, the foreign and domestic travels reflect sharply the exchange rate and inflation effects, and not necessarily increased number of travels”.

It added that the supervision of staff at the Bank, “travel to visit every single regulated institution and their branches, spread all over the country, at least once a year.”

“This is a huge operation and a core function of the Bank, which constitutes a significant expenditure line of the Bank’s operations. In addition, the Bank of Ghana takes continuous professional development seriously to maintain the standards required of a modern central bank,” the statement clarified.

MA/NOQ

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