Bank of Ghana spends over $1.8m on external foreign funds managers

The Member of Parliament for Mpohor and a member of the Parliamentary select Committee on Public Accounts, Alex Agyekum has challenged top officials of Bank of Ghana to use their competence to manage all their investments.

Officials of the Central Bank appeared before the Public Accounts Committee to answer questions pertaining to report of the Auditor General about the statement of Foreign Exchange Receipts and payments of the Bank of Ghana for the half year ended 30th June 2016.

The Governor was represented by his Deputy in the person of Johnson Asiamah who was accompanied by Felix Adu the head of Internal Audit Control of the Bank of Ghana and other officials.

According to the member of the committee, Alex Agyekum, he does not see any deficiency in the competence of the bank’s leadership that they cannot manage  their investments but rather pay a huge sum of money to the tune of 1,859,103.27 dollars to External Foreign Funds Managers, every six months.

The Auditor General report noted  that management fees for fund managers of 1,859,103.27 were treated as miscellaneous capital payment. The Auditor General disagreed with this treatment since fees of fund managers are recurrent expenditure and should have been treated under sundries payments in the first half of the 2016 Statement.

But  Mr. Steve Opata, the Assistant Director of Financial Markets Departments of BOG, said although they have the competence, it is not just about competences but about the practice of reserve management. He noted that this practice is not peculiar to the Bank of Ghana.

By Onua FM |Owoahene Omari Acheampong |

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