Director of the Labour Research and Policy Institute of the Trades Union Congress (TUC), Dr. Kwabena Nyarko Otoo, has denied a claim by the Bank of Ghana that he had accused them of illegally transferring funds offshore.

The Central Bank had stated that “Dr. Otoo, on the programme [Newsfile], said there is evidence or growing suspicion that Bank of Ghana is actively collaborating with some operatives at Cowlane in Accra to illegally transfer funds offshore.”

The Central Bank had described the statement as reckless and had warned against “any such unfounded allegations in the future and to crosscheck same with the Bank of Ghana.”

Reacting to the Bank of Ghana’s statement, Dr. Otoo clarified that he had not stated that the Central Bank was transferring funds offshore as he is alleged to have said.

“On the issue of ‘BoG and Cowlane’ what I said was that ‘there is growing suspicion…’. It is true that I used the word ‘evidence’ but I quickly substituted that with the phrase ‘growing suspicion’. I never said BoG does illegal transfer of funds offshore. The BoG must listen to the entire conversation rather than pick pieces of it. If it does, it will appreciate the spirit with which I spoke on the programme,” he said.

Concerning other claims by the Bank of Ghana in their statement, Dr. Otoo said, “In a joint meeting between the leadership of the TUC and Business Associations in Ghana on October 25, 2022, this allegation of “active collaboration” was made. I have also personally heard this allegation from various quarters. I do not necessarily believe them. But I believe they have become part of the general speculative narrative that is decimating the cedi.

“If the Bank of Ghana cares to know, in unofficial circles, Cowlane as a physical location is referred to as “Bank of Ghana Annex”. Some call it the “alternative central bank”. There are reasons for these designations, some of which reasons feed into the unrelenting attacks on the cedi. The BoG has the capacity to find out more.”

Read below Dr. Otoo’s response;

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