Bank of Ghana clarifies currency transfer arrangement with Liberia

The Bank of Ghana has responded to misinformation circulating on social media regarding the movement of uncirculated banknotes destined for the Central Bank of Liberia.

In a statement issued on August 28, 2024, the Bank of Ghana explained that since 2004, it has maintained a long-standing currency transfer arrangement with Liberia’s central bank. Under this agreement, the Bank of Ghana receives imported currency on behalf of the Central Bank of Liberia for subsequent re-export to Monrovia.

The bank emphasized that the uncirculated banknotes in question are part of this routine arrangement. Once logistical arrangements, including scheduled flights, are finalized, the banknotes will be re-exported to Liberia.

The Bank of Ghana also expressed disappointment that a lawmaker would circulate sensitive procedural information, which has caused public misunderstanding. It affirmed that currency management is a sensitive operation with security implications, and the arrangement with Liberia is a testament to the strong relationship between the two nations.

The bank reiterated its commitment to upholding international best practices in currency management and maintaining its reputation as a reliable institution in all its engagements.