Bank of Ghana Governor rejects hiding information of mineral export proceeds, including Bauxite
Dr Ernest Addison, Governor of the Bank of Ghana (BoG), 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.
Mr James Klutse Avedzi, the Chairman of PAC, raised the issue of bauxite receipts on 24th June’20 during the Committee’s interaction with the central bank Governor after one member claimed that the bank had not disclosed some bauxite receipts.
Dr Addison, while countering the issue 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.
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Next articleChina’s bauxite imports up 4% YoY in May; Guinea remains the top supplier
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