BANK OF GHANA

PRESS RELEASE

The Issue Of The Black Stars’ Unpaid Winning Bonus

The Bank of Ghana has noted discussions in sections of the electronic media concerning the Bank’s alleged refusal to pay the Black Stars their winning bonuses and states that the Bank has not refused to pay the Black Stars.

The Bank states that it serves customers in accordance with the Bank’s operational guidelines and that it is against prudent operational practice to make payments to individuals in excess of $10,000.00 (Ten thousand dollars) in over-the-counter transactions.

Accordingly, the Bank has informed the Ministry of Youth and Sports that the Bank would pay the foreign exchange amounts in question either to the bank accounts of the Black Stars players, or by cheques drawn on the Bank’s external account. This is in line with international best practice and with various security considerations.

The Bank has therefore requested the Ministry to furnish it with a list of the names of the players and the respective amounts to each player to enable it to make the payments. The Bank is still expecting a response from the Ministry.

End

November 02, 2010