BOG Denies Allegations Of $504k Spending On Gold Watches For 72 Staff

The Bank of Ghana has denied allegations of misusing funds in spending $504,000 on gold watches for 72 of its staff.


The bank is procuring the watches from Messrs, a Swiss Watch Company for its retiring staff who have served for 30 years.

A news item published on a Ghanaian website stated the bank had “blown” the money pegged for the purchase inappropriately.

But the BOG in its procurement letter stated they intend to “use part of its 2016 budgetary allocation to fund the procurement of 25 units of 18 carat ladies’ gold watches and 48 units of gents’ gold watches.”

Rebutting that story, the BOG in a statement released on Wednesday September 5, 2016 said they report casts a slur on the central bank.

The bank defended their actions in the statement below.

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:

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.

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.

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

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

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

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

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