Mr. Antwi Boasiako with some participants of the training
A four-day workshop aimed at supporting financial institutions and other organizations to efficiently deal with cash handling and security challenges has been commenced in Accra.
The event, organized by e-Crime Bureau, a cyber security and investigations firm, would be used to educate participants on practices that would enable them reduce potential losses in profit as a result of porous cash management processes.
Albert Antwi Boasiako, Principal of e-crime consult, indicated that the training was necessary, considering the fact that banks, financial institutions and retail shops were exposed to variety of risks.
‘Cash leakages significantly contribute to financial losses to businesses. As a result, businesses, especially financial institutions, are required to engage with the Bank of Ghana, industry players and other stakeholders to ensure efficient cash handling,’ he said.
Participants from banks and security institutions, including the National Investment Bank (NIB), Ghana Armed Forces, Bank of Africa, among others, at the end of the session were educated to reduce cost related to cash handling.
The participants deliberated on collaborations between financial institutions and security agencies.
Jarvis Frank Tsodemeku, Head of Currency Management Department, Bank of Ghana (BoG), stressed the need to tighten storage and surveillance systems, as well as the use of armored vehicles and armed escorts to convey cash to reduce the losses.
‘Counterfeiting at very high levels can compromise the integrity of national currency and destabilize the economy. Money laundering, on the other hand, can undermine cross boarder systems and markets with dire political consequences,’ he said.
He therefore emphasized the need to expedite action on the prosecution of culprits as part of anti-counterfeiting measures to be adopted.
BY Ernest Nutsugah
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