Director of Finance at the Bank of Ghana, Charles Elias Reindorf (Middle)
Google search engine

The Bank of Ghana (BoG) has explained what went into servicing its vehicles as captured in its annual report.

The report revealed that GH¢131.586 million was spent on motor vehicle maintenance/running as of December 2022.

This is away from the GH¢61.510 million spent over the same period in 2021.

The report also noted that personnel costs were GH¢1.620 billion away from the GH¢1.260 billion recorded in 2021.

READ ALSO: Akufo-Addo pats his government, BoG’s shoulder for Cedi appreciation

For foreign and domestic travel, the Central Bank spent GH¢97.437 million. This indicated over a 300% increase in the GH¢28.176 million recorded in 2021.

The cost of servicing the vehicles has raised concerns among analysts.

But addressing a press conference in Accra on Wednesday, August 2, 2023, the Director of Finance at the Bank of Ghana, Charles Elias Reindorf, stated that the Motor and Vehicle Maintenance Running has several components including fuel, insurance, miscellaneous and licensing.

“Fuel has been 90 per cent of that line but because maintenance came first people kept talking about maintenance but the maintenance was only 2.18 per cent of the cost, 94% of the cost is fuel. By the end of 2021, fuel was about 5.9 on average, it rose by 148 per cent,” he said.

READ ALSO: Reduce prices because Cedi is stable – GUTA charges traders

He added “in 2021 maintenance was 2.38 it even dropped in 2022, so that is the issue because the title says Motor Vehicle and Maintenance and running expenses, everybody was dwelling on maintenance of vehicles.”

By Laud Nartey||