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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I laugh when i say that the ppl deserve the gold watch bcos they have been LOYAL to the company. Hahahaah............they have no where else to go. PERIOD STOP THAT LOYALTY BULL ***barred word***.
I feel like crying for my nation Jeremiah if my head is like a well I will weep for this nation gosh hw can Mahama prez site down to allow this to happen after spending all this money for nothing good then you impose task on as eeeeeiiiii suro nipa na gyai saman NDC can not help Ghana ..... youth arise for change with NDC no future...
YOU ARE MAKING NOISE BECAUSE OF SPENDING GHC @ MILLION ON 72 WORKERS WHO HAVE WORKED FOR MORE THAN 30 YEARS ? HMMMM I SHOCK GIVE YOU PPLE WAAA. WHAT ABOUT THE SINGLE INDIVIDUAL POLITICIANS THAT STE.AL A CHUNK OF OUR MONEY FOR NO WORK DONE? THE WOYOME, SADA , ISOFOTON, BUS BRANDING, GHANA @ 50 AND ALL THAT POLITICIANS ARE WASTING OUR MONEY ON. BOG CONTINUE AND EVEN INCREASE IT IF YOU DEEM FIT CUS YOUR STAFF DESERVE BETTER THAN POLITICIANS IN GHANA. EVERY CIVIL SERVANT DESERVES BETTER THAN THE BIGGEST POLITICIAN FINISH!
I sometimes wonder the level of thought of Ghana now, everything is politics. 2,000,000.00 for 72 people as severance for thirty years is a peanut and a cheat. thus just about 28,000.00 for 30+yrs of loyalty. if the persons earns even a 1,000.00 multiply by 30yrs and see whether its a cheat or not. Aside that, do we know how much they each contribute as PF a month. Lets watch what we say and contribute to the development of Ghana.I hope i am in a well established institution with such structures to benefit same and as well stay loyal to a company not to change every 4yrs like the way we treat mother Ghana. I cry n cry...PAY THE MONEY!
SOMETIMES I ASK MYSELF IS IT A CURSE TO BE A GHANAIAN. WITH ALL THIS HAPPENING I JUST PRAY THAT THE DAY THE YOUTH AND ALL TAKE TO THE STREET AND PURSUE CEO'S AND HEADS OF GOV'T INSTITUTION WITH STICKS AND CUTLASSES WILL NEVER OCCUR.I WEEP FOR MOTHER GHANA.
Re Ghana is a cursed nation: Ghana is a blesses nation with cursed leadership, so after all the cries of Ghanaians about our sufferings this is what you do with our money, Amissah Arthur the illiterate Economist this is what you call prudent management of our economy and you want to discredit Bawumia, God will deal with this leadership that seeks to make Ghanaians poorer.
Frankly; Ghana is a CURSED NATION !!!!!!!!!! ; everything is in a real MESS and perhaps Kwame Nkrumah's curse on our nation is having real effect on the mind set of Ghanaians in charge of anything in Ghana today ; how on earth does a nation with so little resources ; can't find funds to pay workers; we cannot find funds to by hospital incubators for our sick children ; there no medicines in our hospitals today ; folks in the villages are walking miles and miles to get to hospitals ; school children do not have proper meals at school but woe and behold an organisation like the BOG finds $5milion dollars to order watches for bank staff who have wrecked our economy and stolen our monies and Jon Mahama sits down aloof and joins in the stilling ; WHAT A MESS AND WHAT A CURSED NATION THAT CANNOT GET ANYTHING RIGHT !!!!!!!!
AFENYO U THINK U QUALIFY FOR END OF SERVICE EVERY FOUR YEARS BUT BOG STAFF DO NOT EH. What makes u think people liKe Gifty klenem and kwame Ahe deserve that every four years but bog staff do not? BOG STAFF SHOULD WORK AND FUND THE CONSOLIDATED FUND FOR UR END OF SERVICE BENEFIT TO BE PAID EVERY FOUR YREAS AND THEY SHOULD GO HOME EMPTY HANDED. If it will rain at Flag staff house and Parliament and not rain at other state owned institutioms then there should be drought
THE FACT THAT WE HAVE BEEN CRUEL TO TEACHERS , NURSES AND DOCTORS AND SO ON DOES NOT MEAN SOME PPLE SHOULD NOT GET BETTER END OF SERVICE BENEFIT. IN FACT FOR OVER 30YRS OF SERVICE A GOLD GOLD WATCH IS NOTHING. THEY DESERVE A CAR OR SOMETHING MORE VALUABLE LIKE A HOUSE. YOU SPEND 4 YEARS IN PARLIAMENT AND GET END OF SERVICE BENEFIT OF OVER 4BILLION. ONLY 72 gold WATCHES FOR 2016/2017 ie. 2yr group, COMPARE IT TO OVER 250 PARLIAMENTARIANS GETTING OVER 4 BILLION EVERY YEAR AND SEE HOW CRUDE AND SENSE.LESS YOUR ARGUMENT IS. YOU BETTER ***barred word*** OR WE GHANAIANS WILL DECEND ON YOU PARLIAMENTARIANS AND POLITICIANS. HMMMM EVEN AKUA DONKOR HAS BEEN GIVEN TWO CARS AND A HOUSE WE SHOULD ARISE AGAINST POLITICIANS AND TO OUR FELLOW CIVIL SERVANTS.
A load of shittttttt a piece of tosh total rubbish..time will tell