We are not engaged in any illegal transfer of funds offshore – BoG refutes claims

The Bank of Ghana has dismissed claims that it was actively collaborating with some operatives at Cowlane in Accra to illegally transfer funds offshore. This comes after the Director of Research at the Trades Congress (TUC), Dr. Kwabena Nyarko Otoo had alleged there was ‘evidence or growing suspicion’ of the said activity. Dr. Otoo made the claims while speaking on the October 29 edition of Newsfile on Joy News TV. But the Central Bank in a statement sighted by GhanaWeb categorically denied the allegations and also considered them as extremely reckless on the part of Dr. Kwabena Nyarko Otoo. “We would have expected that such strong allegations would have been supported by the requisite evidence, and not left at pure conjecture, mere suspicion or hearsay. This is especially so considering the quarters from which the allegations were made,” the statement said. “We advise the general public to completely disregard these comments and be assured that we, as a Central Bank, are focused on our mandate of price stability, and doing all within our power to reduce the rising general level of prices. We are doing this guided by our core values of accountability, professionalism and integrity, and in accordance with law,” the BoG added. The Bank of Ghana, therefore, urged the public to desist from making such unfounded allegations in the future. It further assured collaboration with relevant stakeholders including law enforcement agencies to discourage and penalize the activities of illegal foreign exchange operators in the country. See the full statement below: MA/FNOQ Watch the latest episode of BizTech below: