Security Analyst Dr. Adam Bonaa has taken a swipe at the Bank of Ghana (BoG) for the failure of banks to procure armoured bullion vans for their cash-in-transit.<\/p>\n
The Bank of Ghana ( BOG) in 2021 issued a directive for all financial institutions to procure the protective sophisticated vans failure to which the Bank of Ghana said it would not admit any substandard or soft-skinned Cash in Transit (CIT) vehicle into any of it\u2019s premises nationwide.<\/p>\n
This deadline was however extended to July 1, 2023 just after the James Town robbery attack on a Bullion Van in which a police officer was killed and another by- stander was hit with a stray bullet.<\/p>\n
The series of robbery attacks on officers accompanying sub-standard vehicles for cash transfers forced the Inspector General of Police to issue threats not to escort any vehicle without the necessary protection for police officers.<\/p>\n
But with the deadline approaching Security Analyst Adam Bonaa said Commercial Banks and Savings and Loans Companies may not be ready since they are still using the soft-skinned vehicles for cash transit.<\/p>\n
Speaking on Onua FM\u2019s Midday Live news, Dr Bonaa said the central bank must take the hit for the inability of the banks to comply.<\/p>\n
\u201cThe Bank of Ghana should have issued a directive that before they give you a license all banks should have a Bullion Van to transit cash. You must force them to demonstrate it.
\u201d Armoured vehicles are war materials and so there should be a law to determining the Importation, manufacturing and use of the vans. Because there is confusion in the system already some companies are even manufacturing some in Ghana and that\u2019s where the state has failed\u201d.<\/p>\n
Meanwhile, the President of the Association of Bullion Vans, Alhaji Iddi Sumaila said their meeting with the Association of Bankers assured them that their members would meet the deadline of between April and July 1.<\/p>\n
He said the association of Bullion vans has directed its members to ensure that all vans transiting cash are branded with security features and logos. But there are a lot of the vans in town without identities.<\/p>\n
\u201cWe thank the Interior Ministry for the directive to protect human lives. A few banks are complying but there is a lot more without the Bullion vans. The Interior Ministry has a robust system to check the substandard vehicles.<\/p>\n
\u201cWe need to know which vans belong to which company because it is scary seeing Bullion vans in towns without the brands. It is not easy to import just any armoured vehicle to town because of the rigorous system in place. I don\u2019t think we will see such pick-ups again when the directive come into force,\u201d he\u00a0 stated.<\/p>\n
The Ghana Association of Bankers in 2022 said they have managed to procure 60 pieces of the bullion vans. But it is difficult to tell how many have been added on since 2022.<\/p>\n
By Richard Bright Addo|3news.com|Ghana<\/p>\n<\/div>\n
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Security Analyst Dr. Adam Bonaa has taken a swipe at the Bank of Ghana (BoG) for the failure of banks to procure armoured bullion vans for their cash-in-transit. The Bank of Ghana ( BOG) in 2021 issued a directive for all financial institutions to procure the protective sophisticated vans failure to which the Bank of […]<\/p>\n","protected":false},"author":1,"featured_media":23244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-23243","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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