Liberia’s Central Bank clarifies reports of US$20 million cash consignment received by BoG

The Central Bank of Liberia (CBL) has clarified reports of a US$20 million cash importation consigned to the Bank of Ghana (BoG).

According to the CBL, the cash destined for Monrovia is a legitimate transaction.

It said the importation of United States dollars is part of the Bank’s normal function, which is required to meet the needs of the economy, including the USD withdrawal demands and needs of the Government of Liberia and the commercial banks.

“CBL and the Bank of Ghana (BoG) have long standing Cash Custody Agreement executed for the BoG to provide overnight custody for CBL imported cash when shipped from London by Travelex Currency, which is an international currency shipment company. These cash shipments by flights are cleared through both the Ghana and Liberia Customs, thus validating their legitimate sources,” the CBL said in a release on August 28, 2024.

According to the Bank of Ghana, it has taken note of a news item circulating on social media, purported to misinform and disinform the public, about the movement of Uncirculated Banknotes received by the Bank of Ghana, on behalf of the Central Bank of Liberia.

It explained that the Bank of Ghana has had a long-standing currency transfer arrangement with the Central Bank of Liberia since 2004, and per this agreement, the Bank of Ghana receives imported currency on behalf of the Central Bank of Liberia for re-export to Monrovia.

They said the uncirculated banknotes mentioned in the social media discussions on August 27 are part of this long-standing arrangement.

“When all logistical arrangements, including scheduled flights, are finalised, these would be re-exported to the Central Bank of Liberia. As part of administrative processes and security protocols, all relevant stakeholders are officially informed of the entry and exit of consignments related to this arrangement. Unless there is mischief intended, there was no reason for this matter to have become an issue for public discussion,” BoG said in a release on August 28, 2024.