Majority of banks comply with directive to purchase 'bulletproof' bullion vans - BoG

Governor of the Central Bank, Dr Ernest Addison, has confirmed that most banks in the country have complied with the directive to purchase ‘bulletproof’ bullion vans for cash-in-transit (CIT) activities.

Following a spate of robbery attacks on bullion vans in recent times, the Bank of Ghana issued a July 1, 2023 deadline for all banks to purchase fit-for-purpose bullion vehicles to enable them to undertake cash-in-transit activities.

The Ghana Police Service, on the other hand, had vowed to withdraw their personnel from providing escort services if the banks did not use ‘bulletproof’ bullion vans for the activity.

But the Bank of Ghana Governor in providing an update on whether financial institutions have complied with its directive said, “I have seen a lot of clearances from the Ministry of Interior to aid these imports, and even those that have already brought in these cars”.

“Ideally, there should be police escorts who should not be in these vans. But rather following these vehicles”.

Dr. Ernest Addison said this when he addressed journalists at the 113th MPC press briefing on July 24, 2023.

MA/NOQ



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