Bank of Ghana Gold watch purchase: BoG wrong - NDC's Kwabena Fio

Speaking on Multi TV's Newsfile Saturday, Kwabena Fio said the backlash from the public on the gold watch purchase is enormous, arguing that the retired staff should have been given money instead.

  • Published:
play The New Stateman newspaper on Wednesday reported that the Central Bank sent a request to the Public Procurement Authority (PPA) to sole source the watches from a Swiss watch Company.
24/7 Live - Subscribe to the Pulse Newsletter!

A legal practitioner and a member of the National Democratic Congress has said it was wrong for the Bank of Ghana to spend GHC2 million on gold watches for senior staff of the central bank who are on retirement.

Speaking on Multi TV's Newsfile Saturday, Kwabena Fio said the backlash from the public on the gold watch purchase is enormous, arguing that the retired staff should have been given money instead.

According to him, the confusion over the gold watch is "due to the nature of the product."

"I think that the symbolism has to do with the watch," he said.

He further argued that the BoG is independent of the central government, saying they determine their own condition of service.

"Society should all have a mind that their condition of service determine what they take home," he argued. "Condition of service is effort driven."

Asked if the government approves of the purchase, Mr Fio said: "government will not sanction it at this critical moment of our economy."

He said in practice the BoG is a distinct organisation even though "classically" it is part of the government.

The New Stateman newspaper on Wednesday reported that the Central Bank sent a request to the Public Procurement Authority (PPA) to sole source the watches from a Swiss watch Company.

But the Bank in a statement signed by its communication department 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.”

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

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.”

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos




Top Articles

1 In Central Region Police intercept a bunch of cedi notes in over 30...bullet
2 Chaos At Bus Stations NDC, NPP hijack buses at terminals as travellers...bullet
3 Election 2016 Ghana's presidential candidates make final push before...bullet
4 Redevelopment Mahama opens Kejetia market today [Photos]bullet
5 Fraud Alert Fake US Embassy in Ghana shut down after a decade of...bullet
6 In Eastern Region NDC DCE robbed at gunpointbullet
7 His Excellency Top 10 John Mahama quotes that will shock youbullet
8 Judgment debt Supreme Court adjourns Amidu vs Woyome case...bullet
9 Election 2016 Weapons allegedly seized from an NDC...bullet
10 2016 elections Nana Addo has won spiritually but… -...bullet

Top Videos

1 Kwame Nkrumah Interchange Water leaks from hole in wall at new Kwame...bullet
2 Obinim saga We had sex only once - Obinim victims confessbullet
3 Elections 2016 Nana Addo holds conference in Kumasi ahead of Dec 7...bullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Video IEA Presidential Townhall 2016bullet
6 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
7 Accra Floods Adabraka floods after downpourbullet
8 Video Taxi driver terrified after an encounter with a ghostbullet
9 Marine Drive Project Time's up, but residents refuse to...bullet
10 Bishop Obinim Followers gather at Police HQ in Accra...bullet

News