BoG outlines new directives for banking operations amidst coronavirus outbreak

The Bank of Ghana has issued interim directives to guide the operations of financial institutions as the country has been hit with covid-19.

All Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureaux are the entities to observe the new rules.

According to the Bank of Ghana, it will “continue to assess the possible impact of the pandemic on the domestic economy and is taking the necessary steps to mitigate its impact, to ensure financial and economic stability.”

Read BoG’s full directives below :

In the interim, all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureaux, are directed as follows:

1. To activate their business continuity and disaster recovery plans proportionate to the current circumstance and to review these plans as the situation changes.

2. To abide by the public notices and advisory issued by the Government of Ghana, the Ministry of Health, the Ghana Health Service and other relevant authorities, in relation to the COVID-19 Pandemic.

3. To enhance protective and safety procedures for all Staff namely: Ensure that all Banking Halls, Automated Teller Machines (ATMs), Counting Machines and other relevant equipment are sanitised on a regular basis;

•Ensure that staff and customers comply with the social distancing practice;

•Ensure that critical and front line staff are provided with protective equipment and gear, for example, gloves, face masks, etc.;

•Provide hand sanitizing dispensers at entry and other vantage points.

4. To ensure all electronic channels are fully functional at all times and ATMs do not run out of cash.