The Bank of Ghana has justified a decision to spend about Gh¢2 million on gold watches for retiring staff.
According to the bank, 72 staff who have served for 30 years and above and were due for retirement this year and next year were to benefit as part of their retirement package.
The watches which were being bought from from a Swiss Watch Company, comprises 25 18 karat Ladies gold watches and 48 kt Gents ones.
Some documents sighted in some media reports indicated that on July 22, 2016, the central bank sent a request to the Public Procurement Authority (PPA) to sole source the procurement of gold watches from a Swiss watch company.
The request letter indicated that the BoG intended to use part of its 2016 budgetary allocation to fund the procurement of 24 units of 18 carat ladies gold watches and 48 units of gents gold watches; all Tissot Gold Watches from a dealer.
It explained that the procurement of the watches begun in 2012 when 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.
The watches are meant for deserving members of staff who have served a minimum of 30 years and are due for statutory retirement from the Bank, the statement also explained.
Read below a copy of a statement issued by the BoG on the matter
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:
1. 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.
2. 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.
3. Deserving members of staff should have served a minimum of 30 years and are due for statutory retirement from the Bank.
4. The procurement process for the period 2016/2017 commenced in January 2016, before the appointment of the current Governor.
5. No procurement rules were breached in presenting sole sourcing justification to the
Public Procurement Authority (PPA) for approval.
6. PPA is an independent public institution whose work cannot be influenced by the Bank or any other institution.
7. At all times, the Bank abides by good governance principles that ensure a robust and effective internal control systems and processes.
Source: Bank of Ghana Communications Department
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This ***barred word*** will never stop. JM, you've just lost my vote on this....trust me!
Can some one tell me the importance of this so called bank of Ghana. They supervise the collapse of financial institution and after that they reward themselves gold watches. May god deal with them and their descendents
mahama do am
What type of country are we living in? How on earth do you have to spend 20 billion old cedis on mere watches for only 72 people. God have mercy on this wretched nation.
Please do not personalize this issue. This is bad to spend this money when he country is suffering. Ndc always use sole sourcing to tief monies. Ghana is dead.
If AFENYO MARKINS IS A LAWYER AND A PARLIAMENTARIAN AND HE TAKES GHC 80 000 END OF SERVICE BENEFIT AFTER FOUR YEARS OF WORK WHY CANT A LAWYER IN BOG TAKE GOLD WATCH AFTER 30 YEARS OF WORK? IS AFENYO MORE GHANAIAN THAN LAWYERS IN BOG?
This may not be bad in good times, but right now when NHIS has collapsed, high unemployment, governments inability to pay salaries or pay district assembly common fund, unable to sustain school feeding, no chalk, unable to pay feeding grants for schools, etc etc. how can leadership justify such expenditure? That is my problem. The retired workers deserve a thank you. But Ghana is famcing an economic crisis and our leaders need to be sensitive to the plight of the ordinary Ghanaian.
The Revolution of "ONE MAN ONE MACHETE " is on the way. People will be fleeing naked for their lives.
You can go ahead and send them to space. Your days at the top are numbered.
Very ***barred word*** package for end of service. Can't they afford a watch themselves? Corporate corruption all the time.change is on its way