In response to the recent armed robberies during cash movements, the Bank of Ghana (BoG) has issued a directive to all banks in the country to immediately start using armored-plated bullion vans for cash transportation.
The directive carries a warning that failure to comply will result in severe sanctions.
The BoG’s directive comes just days after a tragic incident in which a police officer was killed by armed robbers in the suburb of Ablekuma in Accra. The officer was shot multiple times at close range, and the robbers made away with his gun and an undisclosed amount of money.
The Ghana Association of Banks (GAB) had already planned to implement the use of armored-plated vehicles for cash-in-transit activities starting from July 1.
This decision was made following a similar incident in 2021, which also resulted in the death of a police officer in Adedenkpo, near Jamestown.
However, the recent incident prompted the BoG to expedite the implementation of this security measure.
In a letter dated June 24, the Central Bank’s Secretary, Sandra Thompson, emphasized the need to prioritize the safety of both security personnel and bank staff involved in cash movements.
The use of armored-plated bullion vans will provide increased protection to cash-in-transit activities, reducing the vulnerability of bank employees and security personnel to armed robberies. This measure will serve as a deterrent to potential criminals and help ensure the safe transportation of cash across the country.
The BoG’s directive highlights the seriousness with which the Central Bank views the issue of security in cash movements.
It is expected that all banks will swiftly comply with the directive to avoid facing severe penalties. By prioritizing the safety of individuals involved in cash transportation, the BoG is taking proactive steps to protect lives and safeguard the integrity of the banking sector in Ghana.
By Vincent Kubi