Home / Business / BoG Responses To Dr. Otoo’s Statement: Central Bank Not Aiding In Illegal Transfer Of Funds Offshore

BoG Responses To Dr. Otoo’s Statement: Central Bank Not Aiding In Illegal Transfer Of Funds Offshore

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 The Bank of Ghana has said it has come to the attention that Dr. Kwabena Nyarko Otoo of the Trades Union Congress (TUC) has alleged that the central bank is aiding in illegal transfer funds offshore.

Dr. Otoo, said there is evidence or growing suspicion that Bank of Ghana is actively collaborating with some operatives at Cowlane in Accra to illegally transfer funds offshore.

The a statement issued by the Bank of Ghana categorically denied the said allegations.


The regulaor said “it also considers them extremely reckless. We would have expected that such strong allegations would have been supported by the requisite evidence, and not left at pure conjecture, mere suspicion or hearsay.

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“This is especially so considering the quarters from which the allegations were made.

“We advise the general public to completely disregard these comments and be assured that we, as a Central Bank, are focused on our mandate of price stability, and doing all within our power to reduce the rising general level of prices. We are doing this guided by our core values of accountability, professionalism and integrity, and in accordance with law.”

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The BoG further said it is working with law enforcement agencies to arrest persons engaged in that practice.


“Bank of Ghana is also working with other stakeholders including the law enforcement agencies to discourage and penalise the activities of illegal foreign exchange operators in the country.

“Finally, we advise the public to desist from making any such unfounded allegations in the future and to crosscheck same with Bank of Ghana.”



Read the Full statement below:



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