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Business News of Monday, 30 March 2020

Source: Class FM

Coronavirus: Banks cut down branches to avert losses

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Several banks in Ghana have reduced the number of branches that will be opened to the public following the partial lockdown of the Greater Accra, Greater Kumasi and Awutu Senya areas beginning today, 30 March 2020.

The Bank of Ghana had directed banks to keep skeletal staff in their operations during these 14-day lockdown, as the nation fights the COVID-19 pandemic.

The banks have decided to reduce drastically, their number of branches that will be running during this period.

This is because it is expensive running a bank branch when cashflow is nothing to write home about.

Banks are keeping limited branches to enable them manage costs that will arise from low transactions during this period.

Stanbic Bank, Consolidated Bank Ghana, GT Bank, Absa, Fidelity, among others, have all reduced their branch operations from Monday.

For instance, Stanbic Bank sent a message to its customers reading: “Dear Valued Customer, to help contain COVID-19, some of our branches will be closed. Airport City, North Industrial Area, Accra Main, Tema Industrial and Asokwa branches will operate during the lockdown.”

GT Bank’s message to customers also indicated: “Dear Customer, please note that branch operations will be temporarily reduced from 30 March. Our digital platforms are available during this period. Stay safe”.

It is believed that the 14-day lockdown will significantly impact negatively on the income lines of the banks as far as trade, credit and deposits are concerned.

Consequently, most of the banks will reposition their businesses in order to reduce the losses or reduction in income that will be experienced during this 14-day partial lockdown.

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