The Bank of Ghana is yet to pay for the 72 Gold watches it intends purchasing for its retiring staff, sources at the bank have told StarrFMonline.com.

The Central Bank is also yet to sign a contract for the supply of the luxurious watches even though it has singled out a contractor for the transaction.

According to StarrFMonline.com sources, the bank has not taken these moves because they are yet to obtain the approval of their purchasing request from the Public Procurement Authority.

The bank sparked furore after it came to light that they are buying the 18 karat gold watches for their retiring staff. A statement from the bank said the practice is a long held tradition by the Central Bank.

"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.

"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.

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

Meanwhile, many have called for a parliamentary probe into what they describe as a “profligate expenditure” by the state entity.