Bank of Ghana to revoke incredulous purchase of gold watches for retiring staff

Bank of Ghana to revoke incredulous purchase of gold watches for retiring staff

Following a public outrage, it seems the Bank of Ghana is ready to stop the purchase of pricey gold watches as the end of service gifts for retiring staff.

A report by MyJoyOnline.com stated that the decision on whether to continue the buy or not would be based on a review of the whole process being considered for buying the watches.

Bank of Ghana to revoke incredulous purchase of gold watches for retiring staff

Bank of Ghana Building

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“We work for the public, and if they have strong opposition to something that we are doing, it should be prudent to review the process or stop it”, a senior official of the BoG was quoted in the report.

According to the report, the plans to purchase the watches had not yet been approved by the top management of Ghana's Central Bank and from the looks of it, might not be approved at all.

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The insider for the media house also noted that it is, therefore, unfortunate that people are calling for a probe when no decision has been taken on the decision to purchase the gold watches.

Bank of Ghana to revoke incredulous purchase of gold watches for retiring staff

Governor of the Bank of Ghana, Henry Wampah

"The procurement people decided to go for sole sourcing, rather than selective tendering, which is usually, the case. I know that some people have drawn daggers already, but they could be a little patient for us to at least review and take a decision as management,” the source said.

The Bank of Ghana has come under some criticism from sections of the public over the decision to purchase 72 pieces gold watches at about half a million dollars. These watches were for deserving members of staff who had 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.

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