BoG orders banks to start use of armoured bullion vans for CIT immediately

Managing Directors (MDs) of all banks have been ordered by the Bank of Ghana to immediately start use of armoured-plated bullion vans for cash movement operations.

“Failure to comply with this directive in all cash-related activities across the country shall attract severe sanctions,” a letter from the apex bank to the MDs read in part.

The letter dated June 23 and signed by Secretary of the Central Bank Sandra Thompson said the latest directive is to ensure “security of cash-in-transit activities and to underscore the Bank’s commitment to protect the lives of both Security Personnel and Bank Staff involved in all cash movements.”

The directive was issued days after a police escort was shot and killed at Ablekuma Fanmilk at the premises of Star Oil filling station where monies were to be collected.

The incident reignited calls for the deployment of armoured bullion vans for cash-in-transit (CIT) operations.

The BoG's order negates a Ghana Association of Banks (GAB) directive that starting July 1, all banks are to start using armoured-plated vehicles for CIT activities.

The Association of Bullion Van Owners of Ghana (ABOG) also said they had 150 such vehicles to be deployed come July 1.

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