$7000 for One Wrist Watch! Is It What Ghanaians Need at a Time Like This?

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The BoG faces probe as suggested by a pressure group over the gold watch expenditure which has been described by many as “outrageous”

The Bank of Ghana (BoG) has come under intense criticisms from members of the public over their intention to spend the sum of $504, 000 out of the bank’s 2016 budgetary allocation in buying gold wrist watches for her retiring staff. To be more precise, the BoG is spending $504, 000, an equivalent of over GHC2 million in purchasing 72 units of Tissot Gold Watches for her staff who have been in the service of the company for up to 30 years. This has however, raised a lot of dust among the populace, especially while considering the economic situation in the country at the moment.

See: Bank of Ghana to Reward Retiring Staff with Gold Watches Worth GhC2 Million!

Commenting on the issue, Executive Director of the Institute of Governance and Security, David Agbey said that while it is not out of place to appreciate the service of deserving staff, the BoG’s plan is not a perfect one for the moment.

He pointed out that the management of the bank should have put into consideration, the harsh economic condition of the country at the moment before arriving at such decision. He noted that with the prevailing economic conditions in the country where people are finding it very difficult to provide themselves with the basic necessities of life, an outburst over a decision such as this is not a surprise.



BoG Faces Probe Over Gold Watch Expenditure

Also, pressure group Alliance for Accountable Governance (AFAG) has called on the President to probe the BoG over the spending which they described as “opulent, reckless and needless”. The group is questioning the BoG’s decision to be such spendthrifts at a time when many Ghanaians are struggling to earn basic necessities of life.

Meanwhile, the Bank of Ghana has rejected all claims that their decision is wasteful as regards the $504 worth gold watches. According to a statement released by the bank, it has been a policy of the bank to reward her staff in that manner for some years now. Also responding to accusations of breaching procurement laws since it was done through sole sourcing, the BoG debunked the claims making it clear that no such rules were violated in the course of the procurement.

Concerned Ghanaians can only wait and see what becomes of this issue. Will the BoG be allowed to accomplish their plan of spending a whopping GHC2 million on just wrist watches or will they be stopped? Please, let’s know what you feel about this development.