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Anthony Abayifa Karbo has lambasted the Bank of Ghana over its decision to spend an equivalent of GHC 2 million to purchase gold watches for staff as their end of service benefit.

As part of packages for some retirees, the Bank has decided to procure 72 units of Tissot Gold Watches.

This has courted controversy with some critics wondering why the Governor of the Bank would allow for taxpayer's money to be squandered on gold watches.

The critics have questioned the essence of the gold watches to nation building.

Addressing the issue on Peace FM's Kokrokoo, Anthony Karbo also wondered why the Bank would nurse such a thought at the expense of Ghanaians.

According to him, Ghana is currently in a situation where the citizenry lack basic necessities of life and encountering serious hardships and so procuring gold watches by the bank is a profligate expenditure.

He asked if the gold watches would help solve the economic challenges or dig boreholes for communities that are deprived access to portable water.

He condemned the seemingly opulent decision taken by the bank.

"What is the value? Profligacy or what? Opulence or what? Arrogance of power or what…when people are suffering!” he fumed.

Meanwhile, the Alliance for Accountable Governance (AFAG), has also condemned the bank's decision and called on President John Dramani Mahama to probe the issue to the core and "ensure that the Ghanaian public is made aware of how their taxes are being put to use. Scandals of this nature cannot continue to happen and swept under the carpet within the public sector".