Central Bank of Liberia Clarifies Legitimacy of US$20M Cash Consignment

The Central Bank of Liberia (CBL) has issued a press release addressing recent media reports surrounding a US$20 million cash importation consigned to the Bank of Ghana (BoG) destined for Liberia.

Legitimate Transaction

The CBL confirms that the transaction is legitimate and part of the Bank’s normal function to meet Liberia’s economic needs, including:

1. USD withdrawal demands
2. Government of Liberia requirements
3. Commercial banks’ needs

Cash Custody Agreement

The CBL and BoG have a longstanding Cash Custody Agreement, enabling BoG to provide overnight custody for CBL’s imported cash shipped from London by Travelex Currency, an international currency shipment company.

Customs Clearance

Cash shipments are cleared through both Ghana and Liberia Customs, validating their legitimate sources.

Commitment to Transparency

The CBL emphasizes its commitment to transparency and accountability, encouraging the media to verify information through the Bank before publication.

Key Points

1. US$20M cash importation is a legitimate transaction.
2. Part of CBL’s normal function to meet economic needs.
3. Cash Custody Agreement with BoG ensures secure overnight custody.
4. Shipments cleared through Ghana and Liberia Customs.
5. CBL committed to transparency and accountability.

Conclusion

The Central Bank of Liberia has clarified the legitimacy of the US$20M cash consignment, ensuring transparency and accountability in its operations.