The Bank of Ghana is planning on reviewing its decision to buy $504,000 worth of 72 pieces of gold watches for some retiring staff who have worked for 30 years or more, ClassFMonline.com has learnt.
Sources within the central bank have hinted at the possibility of the Board disapproving the purchase once the proposal is sent to them.
ClassFMonline.com learnt that the planned review of the decision to buy the watches has come as a result of the public backlash the bank has received in the past few days since news broke of the purchase.
Earlier, the central bank justified the purchase of (25 pieces of 18-kt gold watches for ladies and 48 for men), all of whom are retiring.
The watches were to have been procured from Messrs A Swiss Watch Company. The central bank said in its procurement letter 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.” The Tissot gold watches are to serve “as an award to deserving members of staff who have served with the Bank for 30 years or more and are due to retire compulsorily from the service of the Bank in the years 2016 and 2017.”
Below is a statement the BoG issued to justify the purchase when the news first broke:
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: Ghana/AccraFM.com
