BoG not wrong to reward workers with gold watches – Casley-Hayford

BoG not wrong to reward workers with gold watches – Casley-Hayford

Sydney Casely-Hayford, a financial analyst, has said that the Bank of Ghana (BoG) should not be blamed for attempting to buy gold watches for its workers.

The central bank reportedly sought to pay $500,000 to a company for the supply gold watches which would have been given to some its workers who are going on retirement.

BoG not wrong to reward workers with gold watches – Casley-Hayford

The development sparked outrage in a section of the public, with many people accusing BoG of profligate spending.

But speaking on Accra-based Citi FM on Saturday, Mr Casely-Hayford said public outrage over the gold watches was unjustified.

According to him, BoG is an independent organisation which can choose to reward its workers anyhow it deems fit.

Stressing that BoG does not rely on tax payers' money, Mr Casely-Hayford said the bank makes money by buying and selling bills, trading on behalf of the government, and leveraging fees or license by retail banks.

“If you look at the actual mandate of the Bank of Ghana, you will not see anywhere that it is part of the government’s machinery. It is not , so our tax proceeds do no go towards servicing the Central Bank. There is absolutely no reason legally or otherwise that the Bank of Ghana cannot do this,”

“Members of Parliament get paid more or even better in their gratuity after they have finished their period of service. Some people get cars, Ford expeditions, etc . It’s a big fuss about nothing," he said.

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