In a recent development, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has called upon the state security agencies to assist the bank in addressing reports of cross-border illegal transfers. Dr Addison emphasized that the Bank is taking these reports seriously and is committed to addressing the issue.
During the 117th Monetary Policy Committee (MPC) press conference in Accra on Monday, March 25, Dr Addison addressed rumors of illegal transfers from Ghana to countries such as Nigeria. He highlighted the economic challenges facing Nigeria, particularly related to its currency, the Naira. Drawing parallels to Ghana's experience in 2022, Dr Addison underscored the need for corrective measures to manage fiscal policy and ensure the appropriate use of monetary policy tools.
Regarding the concerns of illegal transfers, Dr Addison stressed the importance of collaboration with security agencies to enforce regulations at border points, airports, and other exit routes. He emphasized the role of security agencies in upholding rules and regulations, stating that without their assistance, the Bank of Ghana's ability to address illegal transfers would be limited.
While acknowledging rumors of cross-border illegal transfers, Dr Addison clarified that there is no evidence of such transfers from banks in Ghana to Nigeria. He reassured that the Bank is closely monitoring all bank transactions and urged financial institutions to remain vigilant.
It is evident from Dr Addison's remarks that the Bank of Ghana is actively engaged in addressing economic challenges and ensuring compliance with regulations. The call for collaboration with security agencies underscores the importance of a coordinated effort to combat illegal financial activities.
As the situation unfolds, it is imperative for all stakeholders, including financial institutions and security agencies, to work together to uphold the integrity of the financial system and prevent illicit financial flows.
The Bank of Ghana's commitment to addressing cross-border illegal transfers reflects its dedication to maintaining a stable and transparent financial environment. The collaboration between the central bank and security agencies serves as a crucial step in safeguarding the financial interests of Ghana and upholding regulatory standards.
As developments continue to unfold, it is essential for all parties involved to remain vigilant and proactive in addressing any potential threats to the financial system. By working together, Ghana can strengthen its financial resilience and ensure a secure economic landscape for its citizens.
In conclusion, Dr Ernest Addison's call for collaboration with security agencies highlights the proactive approach taken by the Bank of Ghana in addressing reports of cross-border illegal transfers. This concerted effort underscores the commitment to upholding regulatory standards and safeguarding the integrity of the financial system.
-source 3news | curated by Tetteh Belinda | Ghana Crimes
