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Business News of Monday, 21 June 2021


BoG in talks with Kantanka on production of armoured bullion vans for banks

Kwadwo Safo Kantanka Jnr,  CEO of Kantanka Group of Companies Kwadwo Safo Kantanka Jnr, CEO of Kantanka Group of Companies

In December last year, the Bank of Ghana (BoG) after a meeting with cash operation managers directed all deposit-taking institutions to acquire armoured bullion vans for cash operations.

Six months down the line, not much has been seen in that regard.

Recent attacks and subsequent loss of life of a police escort at Jamestown in Accra has opened up the conversation.

The debate on whether a local automobile company can meet demand has also come up for discussion.

For Kantanka Automobile company, it is poised to meet the local demand as evinced in their tech exhibitions where defence vehicles, among others, have been exhibited for the past three years.

The central bank is in talks with the company on the possibility of manufacturing armoured bullion vans for transporting money.

Currently, four banks have so far engaged the local automobile firm to manufacture such vans for their operations.

According to the Chief Executive of the Kantanka Group of Companies, it will be patriotic on the part of the banks to engage their services to shore up Ghana’s economy.

He added, “when these vehicles are made right here, it will be easier for maintenance and servicing unlike when they are manufactured abroad which will be difficult to service not to take off car parts.”

Kwadwo Safo Jnr. described the police service’s end of June deadline to banks to acquire armoured bullion vans as not realistic.

For him, it will take a maximum of seven weeks to manufacture such a vehicle; five weeks for an express order.

He believes such a project doesn’t need to be rushed but given ample time for manufacturers to be detailed with security features.