Bauxite News - General

Ghana’s 2015 bauxite export proceeds already covered in AG’s report, clarifies BoG

AL Circle

The Bank of Ghana came up with a clarification on the US$41.05 million proceeds from bauxite exports that went missing in the Auditor General’s 2015 Statements of Foreign Exchange Receipts and Payments report saying it is there in the report, but in a separate column. BoG said it did not control the means of repatriation directly; hence, missed out the accounts receipts when the Public Accounts Committee (PAC) inquired it of the financial stake of volumes of bauxite exported in 2015.

News

{alcircleadd}

Earlier this week it was reported by Citi Business News that proceeds from 2015 bauxite export worth US$41.05 million was captured in the Statement of Foreign Exchange Receipts and Payments of Bank of Ghana as part of non-traditional exports in the Schedule of Earnings of Dealer Commercial Banks in Table 17 of the first half report and Table 18 of the second half report.

The report stated, "The proceeds were not captured in the foreign exchange receipts and payments report because repatriation through the commercial banks do not constitute receipts in foreign currency that increase the reserve of the country as managed by Bank of Ghana."

{googleAdsense}

The inclusion of the total bauxite export volume and value for 2015 in the Balance of Payments statistics, just as it is done in all other years, was also confirmed in the report.

Based on the report PAC had directed BoG to immediately furnish it with all details of proceeds from the country’s bauxite export data in 2015. BoG's explanation on the matter now awaits a feedback from PAC. 

Edited By:


This news is also available on our App 'AlCircle News' Android | iOS


Alternate Text
EPIQ Machinery

A world class equipment designer specialized in developing innovative & effective solutions for heavy equipment, vehicles, and material handling systems

Alternate Text
RIA Cast House Engineering

Leading supplier of rail mounted precision Furnace Charging Machines and Furnace Skimming Machines

Alternate Text
Altek

Leading manufacturer of value-added equipment for the aluminum casthouse

Alternate Text
Jagannath Company

Manufacturers & Supplier of Magnesium Metal and Aluminium Foundry Chemicals

Alternate Text
CETAG

A supplier of proven systems and an expert adviser in aluminum casthouse technology, offering its services worldwide to the aluminum industry.

Related
Business Leads
Interested to buy bauxite ore. Total Quantity: As per buyer...
19-Jan-2024 Buying request

Interested to buy bauxite. Please share prices for highest,...
16-Dec-2023 Buying request

Interested to buy bauxite. Please share prices for highest,...
11-Dec-2023 Buying request

Read this news article and much
more on the AL News app
Get real-time news and business
lead alerts on your phone
SUBSCRIBE NOW
Market

Market

Project

Project

Technology

Technology

Leads

Leads