NSB finance chief tells court AG’s $7m figure ‘can’t equal’ GH¢49.1m at 2020–21 exchange rates
By DL News
Published
2 min read
Giving evidence as the second prosecution witness (PW2) under cross-examination, Madam Adumuah said BoG interbank rates for the period in question ranged between GH¢5.2793 and GH¢5.7573 to the US dollar.
The Head of Finance at the National Signals Bureau (NSB), Edith Ruby Opokua Adumuah, has told the High Court in Accra that, based on official Bank of Ghana (BoG) exchange rates, GH¢49.1 million could not at any point in 2020 or 2021 have been the cedi equivalent of US$7 million, as alleged by the prosecution.
Giving evidence as the second prosecution witness (PW2) under cross-examination, Madam Adumuah said BoG interbank rates for the period in question ranged between GH¢5.2793 and GH¢5.7573 to the US dollar.
On those benchmarks, she explained, the Attorney-General’s figure was overstated by GH¢8,010,000.
The case is before General Jurisdiction 10 of the High Court, presided over by Justice Eugene Nyadu Nyante. Lead defense counsel Samuel Atta-Kyea is representing former NSB Director-General Kwabena Adu-Boahene and two others, while the state is represented by Deputy Attorney-General Dr. Justice Srem-Sai, assisted by Esi Yankah and Rabiatu Abdulai.
Mr Atta-Kyea first sought to establish the witness’s competence on foreign exchange issues, asking whether she understood FX rates and accepted that BoG publishes the official cedi–dollar rates on its website. She answered in the affirmative.
When defence counsel moved to tender a BoG exchange-rate schedule covering 1 January to 31 December 2020, the Deputy Attorney-General objected, arguing that the witness was not a BoG official and had no personal knowledge of the document’s contents.
The judge overruled the objection, holding that the interbank exchange rate was relevant and that the finance head was competent to assist the court with the document. The BoG exchange-rate printout was accordingly admitted in evidence.
Counsel then took the witness through specific transactions and conversions:
Referring to Exhibit B3, she identified it as a SWIFT transfer from Fidelity Bank to ISC Holdings for US$87,500, dated 6 April 2020, ordered by the Coordinator’s Account – NSC.
She confirmed the cedi exchange rate applied was 5.87, giving a cedi equivalent of GH¢513,625.
On that basis, she calculated the cedi value of US$7 million at the same rate (5.87) as GH¢41,090,000.
Mr Atta-Kyea then put it to her that GH¢41,090,000 is not the same as GH¢49,100,000, which she confirmed, giving the difference as GH¢8,010,000.
