The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has told the Public Accounts Committee (PAC) of Parliament that the central bank does not hide information about proceeds accrued from the exportation of minerals including bauxite.
The Chair of PAC, Mr James Klutse Avedzi, raised the issue of bauxite receipts on Wednesday, 24 June 2020 during the Committee’s interaction with the central bank Governor after one member alleged that the bank had not disclosed some bauxite receipts.
Responding to the issue, Dr Addision said: “We have always disclosed how much we receive from all exports. It might not be in the statement of foreign exchange receipts and payment of the Bank of Ghana, but for the banking system as a whole, we do that in the balance of payment.”
He added: “Bauxite is reflected in the commercial bank receipts which are captured in the balance of payment, not in the statement of foreign exchange receipt and payment by the Bank of Ghana”.
“The policy of non-surrender to the commercial banks started in 2017”, he said.
“The treatment of manganese and timber, bauxite and all of that is that we never really reported that from the Bank of Ghana as part of the flows coming to the Bank of Ghana”, Dr Addison added.
“These were already being surrendered to the commercial banks. So, it is only in the case of gold that there was a change in policy to allow the gold mining companies to also repatriate to their bankers rather than repatriate to the central bank.”
Source: Class FM