No laws were broken in Black stars Brazil cash saga – BOG

The Bank of Ghana has clarified the 3 million dollars that was air lifted to the Black stars team in Brazil was not in breach of its foreign exchange laws.

According to the Governor of the bank of Ghana, Dr Henry Kofi Wampah ‘‘if you look at the foreign exchange act, the Bank of Ghana has the power to give exemptions in situations that demand it. We have given such exemptions before even to institutions. I don’t want to mention institutions. We have given before’.

The money was used to pay the appearance fees of the black stars players after they threatened to boycott Ghana’s final group game against Portugal.

The players were reportedly paid 100 thousand dollars each in cash.

Early on the former minister for Youth and Sports, Elvis Afriyie Ankrah told Good Evening Ghana’s host Paul Adom Otchere that the money was paid in cash because the players reneged on their agreement to have their winning bonuses paid into their Unibank accounts.

The Bank of Ghana has also came under fire from industry players for allowing that amount of money to be flown out of the country, indicating it far exceeds the limit stated in the foreign exchange act.

But Dr Henry Kofi Wampah indicates the law provides for the central bank to give exemptions in special cases.

‘Am saying that in certain situations, we have the prerogative, we study the situations and give exemptions. We are allowed to do that. Even in other aspect of it, we say don’t give loans in foreign exchange but if there is a genuine case where it is needed, we would allow that. If there is justification for that can you imagine if they say they want five hundred thousand to pay the players and we refused and then they didn’t play and so on, what would you have been saying out there that Bank of Ghana caused this thing.’ he said.

There have also been arguments from other quarters that a transfer could have been made to an affiliated bank for onward withdrawal in Brazil.

But Dr Wampah says they would not have been allowed to make such a huge withdrawal.

‘Can be transferred but remember what they said. They said the players refused that they didn’t want the transfers. They may not allow them to withdraw that much cash, you see the regulations we have here are even more stringent elsewhere. They wouldn’t allow them to withdraw that much cash over the counter so that is the issue’. He added

By:  Kwaku Anim Boadu/citifmonline.com/Ghana