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BoG to stop purchase of gold watches as package for retiring staff

The Central Bank is set to stop the purchase of gold watches meant to be given out as part of an end of service benefit to retiring staff of the institution.

Sources say, the decision, will be based on a review of the whole process being considered for purchasing the watches officials of the Bank of Ghana (BoG) told JOYBUSINESS in Washington DC where the Annual IMF/WORLD Bank meetings is ongoing.

“We work for the public and if they have strong opposition to something that we are doing, it should be prudent review the process or stop it,” a senior official of the Bank said.

JOYBUSINESS is learning that the plan to purchase the watches is yet to reach top management and the Board of the Bank for consideration, but the source is not expecting it to be approved.

“Top management including the governors, have not even seen the final request from the procurement department, hence, the tender evaluation panel is yet to review anything on it,” the source added.

The BoG has come under some criticism from sections of the public, over a decision to purchase to purchase 72 pieces of gold watchers at about half a million dollars for deserving members of staff. The staff should have served with the Bank for 30 years or more and are due to retire compulsorily from the service of the Bank in the years 2016 and 2017.

The highly placed source adds that it is, therefore, unfortunate that people are already calling for a probe when no decision has been taken on it.

“The procurement people decided to go for sole sourcing, rather than selective tendering, which is usually the case. I know some people have drawn daggers already, but they could be a little patient for us. At least so we review and take a decision as management,” the source pleaded. 

JOYBUSINESS understands that BoG wants to review the process to ensure the issues are not played out wrong in public.

According to the source argues there are several rigorous processes that such, procurements go through, which sometimes is shot down when there are any serious questions or issues about that deal.

The practice of getting this package for retiring staff over the years had been sole sourcing, so as to ascertain quality and durability. 

However, in 2010, then Governor now Vice President, Kwasi Amissah Arthur directed that it should be open for bidding. 

Persons close to the deal say unfortunately, the one that won the bid rather supplied poor product so top management of the bank wanted to go back sole sourcing “not that someone wanted to make  money illegally”. 


Source: myjoyonline.com

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