RE: NEW ECOWAS DEDUCTION POLICY ON CHARGES/FEES AND THE RELEASE OF YOUR
Owing to the inability of some Commercial Banks and Financial Institution to offset payment owed Foreign Beneficiaries andinheritance claimants, the Economic Community of West African States (ECOWAS) under the newleadership of S.E. ALASSANE OUATTARA has just signed into law the Deduction Policyof Charges/Fees and has mandated the Foreign Payment Release Board(FPRB) Under the supervision of Bank of Ghana to release all foreign liabilities before the end of thisquarter of 2014 Fiscal Year.
This new policy will enable all foreign payment beneficiaries secure the release of their payment after relevantcharges/fees are deducted from source. Affected beneficiaries should
see this policy as a golden opportunity and also as the government
willingness/sincerity to pay genuine liabilities.
The decision of the President was necessitated after the report submitted by an
investigation panel revealed unnecessary use of bureaucratic procedures,
imposition of unauthorized fees and diversion of beneficiaries funds
to accounts not authorized by them. Furthermore, there were deliberate
delay on Foreign Payment and gross unofficial misconduct which made
mockery of the government image as it affects foreign payment policy.
Consequently the Economic Community of West African States (ECOWAS) has resolved to release all payment by eitherDirect Swift Transfer to the beneficiary's account or through ATM card.
Alternatively, payment can also be considered on your proposal. In line
with this directive, it becomes paramount to inform you that based on
the details contained in your payment file forwarded to our office from
the Federal Ministry of Finance, your payment is among the ‘Priority
Category’ which implies your claim is long over-due.
You are therefore advised to contact urgently the undersigned
so that the payment modalities will be communicated to you. This
arrangement will authorize relevant charges withholding the release of
your payment to be deducted and your claim released within 72hrs. You
should also reconfirm your claim amount, your bank details and telephone
number to enable our office correct irregularities in your file and
release your payment without any hitch.
Dr. Henry Kofi Wampah
Chairman, Foreign Payment Release Board,
Bank of Ghana