BoG Gold Watch Saga Public express outrage over BoG's retirement package for staff

Most people on twitter argue that if the Central Bank has such amount of money, they should rather use it to help develop the country instead of buy gold watches.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

A number of Ghanaians on social media have expressed outrage at the Bank of Ghana’s justification for spending a whopping €450,000 - an equivalent of Gh¢2 million on gold watches for its retiring staff.

Most people on twitter argue that if the Central Bank has such amount of money, they should rather use it to help develop the country instead of buy gold watches.

A statement released by the Communication Department of the Central Bank yesterday (Wednesday) explained that 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.

READ ALSO: Monetary Policy Rate maintained for fourth consecutive month

“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.”

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

READ ALSO: BoG to renounce its ownership of two banks

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.

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

 

 

 

 

 

 

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos





Top Articles

1 Francisca Oteng-Mensah 24 year old MP complains about unbearable...bullet
2 Asantehemaa's Death Funeral of Asantehemaa underway [Photos]bullet
3 Corruption I'll make sure Opuni goes to jail - Kennedy Agyapongbullet
4 Christmas Hamper Nana Addo rejects $500,000 from corporate...bullet
5 Manhyia Palace One shot, several collapse at Asantehemaa’s funeralbullet
6 Asantehemaa’s Funeral Nana Afia Kobi to be buried with gold...bullet
7 Gambia Crisis Twitter explodes with rage over Hanna Tetteh's...bullet
8 Asantehemaa's Funeral Mahama, MPs mourn Asantehemaa [Photos]bullet
9 Asantehemaa's Death I'm homeless; Otumfuo Osei Tutu II...bullet
10 Gambia Crisis Ghana deploys military to Gambiabullet

Top Videos

1 In Zimbabwe President Mugabe’s 70 year-old aide marries his 23-year-old...bullet
2 Refugee Ghanaian to lose fingers after 7-hour trek to cross US borderbullet
3 Vitiligo Enam Honya - is challenging what you think about beautybullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Video Taxi driver terrified after an encounter with a ghostbullet
6 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
7 Obinim saga We had sex only once - Obinim victims confessbullet
8 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
9 Bishop Obinim Saga Teenagers disciplined by Obinim speak outbullet
10 Kwame Nkrumah Interchange Water leaks from hole in...bullet

News