Coronavirus: BoG advises customers against panic withdrawals

The Bank of Ghana (BoG) says it will continue to assess the possible impact of the CODVID-19 pandemic on the domestic economy and is, thus, taking the necessary steps to mitigate its impact, to ensure financial and economic stability.

The Bank’s Monetary Policy Committee is scheduled to meet from Wednesday, 18 March 2020 to Friday, 20 March 2020.

The Central Bank said in a statement that the Committee’s assessment of the situation and interventions shall be communicated accordingly on Monday, 23 March 2020.

In the interim, it said all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureaux, are directed to activate their business continuity and disaster recovery plans proportionate to the current circumstance and to review these plans as the situation changes.

It added “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.

“To enhance protective and safety procedures for all Staff namely; to 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.; to provide hand sanitising dispensers at entry and other vantage points.

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

The BoG further advised the public to strongly refrain from panic withdrawals as banks and specialised deposit-taking Institutions, shall remain open to offer services to customers.

It concluded that the Bank of Ghana will continue to monitor developments in relation to the economic impact of the COVID-19 Pandemic, assuring all stakeholders that it remains committed to its mandate and will take the necessary measures and interventions to mitigate the economic impact of the current situation, to ensure financial and economic stability.