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

Bank of Ghana, BoG blows a whopping GHC2 million on the procurement of gold wrist watches for her retiring staff…

The news of the Bank of Ghana blowing about $504 US Dollars which is an equivalent of 2 million Ghana cedes on purchasing gold wrist watches for retired staff of the company has been attracting lots of reactions from the general public with many people describing it as a prodigious spending.

However, responding to the claims, BoG denies being wasteful in the expenditure on the grounds that it has been a policy of the bank to reward her staff in that manner for some years now.

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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.

These declarations were made in a statement released by the bank. In the statement, the bank indicated that on July 22, 2016, they sent a request to the Public Procurement Authority (PPA) to sole source the procurement of 72 Tissot gold watches from Messrs, a Swisss watch company. They also requested that the PPA approve their intention to use part of its 2016 budgetary allocation to fund the procurement. The 72 watches comprise 24 units of 18 carat ladies gold watches and 48 units of gents gold watches.

According to the BoG, the watches will be awarded to deserving staff who have served the company for a minimum of 30 years.

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Below is the full statement on the procurement:


Reports casting slur on the implementation of the end of service benefits of some deserving members of staff of the Bank have come with grave concerns.

The Bank of Ghana wishes to state, among others, that:

1. End of service benefits, as part of the conditions of service for staff, is a longstanding tradition of the Bank, an obligation the Bank has always fulfilled to boost staff morale and commitment to the goals and ideals of the institution. The award scheme has been the convention of the Bank since the 1970s.

2. In the year 2012, the Bank decided to procure the gold watches once every two years
(i.e. 2012/13 etc.) in order to control cost and make savings on foreign exchange.

3. Deserving members of staff should have served a minimum of 30 years and are due for statutory retirement from the Bank.

4. The procurement process for the period 2016/2017 commenced in January 2016, before the appointment of the current Governor.

5. No procurement rules were breached in presenting sole sourcing justification to the
Public Procurement Authority (PPA) for approval.

6. PPA is an independent public institution whose work cannot be influenced by the Bank or any other institution.

7. At all times, the Bank abides by good governance principles that ensure a robust and effective internal control systems and processes.

Issued by: Communications Department.