Transport money in armoured bullion vans or face sanctions - BoG to banks, others

The Bank of Ghana (BoG) has reminded banks and other institutions that engage in transporting cash to ensure that they comply with its 2021 directive to use only fit-for-purpose armoured bullion vans.

In a letter addressed to all Managing Directors of banks, dated June 23, 2023, and signed by the Secretary of the bank Sandra Thompson, the BoG warned that failure to comply with the directive will attract severe sanctions.

“…all DMBs [deposit money banks] and SDIs[ Specialized Deposit-Taking Institutions] are required to phase out and replace all soft-skinned CIT [cash in transit] vehicles presently used, with fit-for-purpose armoured-plated vehicles for related activities including interbank cash movements and customer cash picks immediately," the BoG's letter read.

It continued, "Failure to comply with this directive in all cash-related activities across the country will severe sanctions.”

The directive by the Central Bank follows the recent shooting and death of a police officer who was performing escort duties in an improvised CIT vehicle at Ablekuma in Accra on Thursday, June 22, 2023, when robbers attacked the vehicle at a filling station.

Citizens and stakeholders have therefore renewed calls for the deployment of armoured bullion vans for such activities across the country.

Watch the latest edition of BizTech and Biz Headlines below:







MA