BoG spends Gh¢2 million on gold watches for 72 staff

BoG spends Gh¢2 million on gold watches for 72 staff

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.

According to a report by Starrfmonine, the request letter indicated that "BoG intends to use part of its 2016 budgetary allocation to fund the procurement of 25 units of 18 carat ladies gold watches and 48 units of gents gold watches," all Tissot Gold Watches from the local dealer.

According to the Central Bank, the reason behind the procurement of the 72 pieces of watches, is to serve "as an award to deserving members of staff who had served with the Bank for thirty years or more and are due to retire compulsorily from the service of the Bank in the years 2016 and 2017."

Below is a copy of a statement issued by the BoG on the matter


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.

Issued by: Communications Department



@sarkodie,8,360News,814,Arthur Nicholas Osei,9,Articles,207,Asonaba Kwadwo Nomafo,4,Biography,5,Buzz,718,Celebrities,352,Celebrity News,218,Cr7,8,Crime,19,Cristiano Ronaldo,8,Daily Bible,7,DanceHall,35,Editor's Choice,5,Editors Choice,53,Events,52,Fashion,45,Featured,347,Foreign news,231,Gosple,23,HipLife,215,Instrumentals,16,Just For Laugh,6,KonKonsa101 News,75,konkonsagh polls,5,Kuami Eugene,2,Lifestyle,47,Mixtape,15,Movies,6,Music,207,Music Download,399,Naija Gossip,54,new,1,News,299,Offbeat News,137,OmG,108,Opinion,20,Politics,430,Real Madrid,5,Regional,46,Robert Mugabe Quotes,10,Satire,114,Shocking News,183,South Africa showbiz,11,Sports,87,Technology,31,Telenovelas,9,Trends,21,Tricks,2,Video,56,World News,203,
▷ BBC News●: BoG spends Gh¢2 million on gold watches for 72 staff
BoG spends Gh¢2 million on gold watches for 72 staff
BoG spends Gh¢2 million on gold watches for 72 staff
▷ BBC News●
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy