Bank of Ghana BoG justifies blowing of Gh¢2m on gold watches

In a statement released by the Communication Department of Central Bank, it explained that per the tradition of the Bank, they awarded their staff who have served for thirty years or more in the institution.

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The Bank of Ghana has justified its spending of a whopping €450,000 - an equivalent of Gh¢2 million on gold watches for its retiring staff.

This was contained in a statement released by the Communication Department of the Central Bank.

The statement explained that as per the tradition of the Central Bank, they award to staff of the Bank who has served in the institution for thirty years or more.

“End of service benefits, as part of the conditions of service for staff, is a longstanding tradition of the Bank, an obligation the Bank has always fulfilled to boost staff morale and commitment to the goals and ideals of the institution. The award scheme has been the convention of the Bank since the 1970s.”

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The statement also added that the procurement process was started before the current governor of the bank took over.

Media reports suggest that some documents making the rounds indicate that the Central Bank sent a request to the Public Procurement Authority (PPA) to sole source the watches from a Swiss watch Company.

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But the Bank argued that they went through the required process to procure the watches.

“No procurement rules were breached in presenting sole sourcing justification to the Public Procurement Authority (PPA) for approval.”

Find below the full statement

RE: ‘BoG GOVERNOR BLOWS US$504,000 ON GOLD WATCHES’

Reports casting slur on the implementation of the end of service benefits of some deserving members of staff of the Bank have come with grave concerns.

The Bank of Ghana wishes to state, among others, that:

1. End of service benefits, as part of the conditions of service for staff, is a longstanding tradition of the Bank, an obligation the Bank has always fulfilled to boost staff morale and commitment to the goals and ideals of the institution. The award scheme has been the convention of the Bank since the 1970s.

2. In the year 2012, the Bank decided to procure the gold watches once every two years (i.e. 2012/13 etc.) in order to control cost and make savings on foreign exchange.

3. Deserving members of staff should have served a minimum of 30 years and are due for statutory retirement from the Bank.

4. The procurement process for the period 2016/2017 commenced in January 2016, before the appointment of the current Governor.

5. No procurement rules were breached in presenting sole sourcing justification to the Public Procurement Authority (PPA) for approval.

6. PPA is an independent public institution whose work cannot be influenced by the Bank or any other institution.

7. At all times, the Bank abides by good governance principles that ensure a robust and effective internal control systems and processes.

Issued by: Communications Department

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