BoG Expose Okudzeto Ablakwa

On August 27, 2024, Hon Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, made serious allegations about a $20 million transfer, claiming it was mishandled by Ghanaian authorities. Ablakwa’s social media posts suggested that the funds, intended for the Central Bank of Liberia, were instead being held by the Bank of Ghana (BoG) under questionable circumstances.
These claims have sparked significant public and political debate, but recent revelations indicate that Ablakwa’s narrative may be misleading.
The BoG has confirmed that the currency transfer arrangement between Ghana and Liberia has been in place since 2004. Under this agreement, Ghana receives and vaults currency on behalf of Liberia, which will be re-exported to the Central Bank of Liberia once all logistical arrangements, including scheduled flights, are finalized. The BoG emphasized that “currency management is a sensitive operation with significant security implications; therefore, it is regrettable that a lawmaker would circulate such sensitive procedural and administrative documents involving another sovereign nation.”
Kow Essuman, legal advisor to President Akufo-Addo, has also challenged Ablakwa’s claims, highlighting discrepancies in his documentation. On X on August 27, 2024, Essuman remarked, “Your write-up and the supporting documentation show inconsistencies. I see no mention of US$20 million in the documents you provided.”
Essuman’s critique reveals that Ablakwa’s posts lack substantial evidence. Additionally, Essuman pointed out that a letter from the Bank of Ghana, dated August 21, 2024, confirms that the uncirculated banknotes were ordered by the Central Bank of Liberia and are being temporarily stored in the Bank of Ghana’s vault until they are re-exported to Monrovia.
Further checks have revealed that officials from the Central Bank of Liberia are in Ghana to oversee the receipt and transfer of the funds. Liberia relies on Ghana for this process due to the BoG’s advanced currency management operations. Additionally, the lack of direct flights between the UK and Liberia necessitates this arrangement. Importantly, all associated costs are covered by Liberia.
Given his experience as an MP and a senior figure in the previous administration, Ablakwa should be well-acquainted with these procedures. His actions appear to be an attempt to discredit the government for political gain, thereby undermining national unity and security.
Such behaviour is not only indefensible and reckless but also constitutes a grave disservice to the public and a troubling disregard for the principles of transparency and accountability.