On 15th October 2020, the Bank of Ghana (BoG), following a meeting with cash operations Managers of Banks, directed all Deposit Money Banks (DMBs) and Specialized Deposit-Taking Institutions (SDIs) to as a matter of urgency acquire armored plated bullion vans for their Cash In Transit (CIT) operations; failure to which the Bank would decline to admit any soft-skinned CIT vehicles into any of its premises nationwide.
In response to the failure on the part of the concerned institutions, the BoG in a letter dated 24th December, 2020 (ref: SF/BK/32/2020/8) gave the deadline of 1st July 2023 for the enforcement of this directive. A step, though taken in good faith, has led to more robberies and the unnecessary loss of innocent lives and currency. Two years and seven months on, many banks and financial institutions are yet to comply with this directive putting the lives of security personnel and the general public at risk every time money is in transit.
The most recent one being a shocking incident at Ablekuma that left the entire nation reeling, a brazen daylight armed robbery involving a Cash In Transit van escorted by a police officer who was shot and killed at the scene. This incident should serve as a wake-up call to address the pressing concerns surrounding security measures as directed by the Bank of Ghana and highlights the urgent need for immediate stringent action in this regard. The audacious nature of the crime and other such robberies demonstrates the emboldened state of criminals, the obvious security breaches and the lack of effective deterrence and law enforcement on the part of BOG.
CDS Africa is appalled by the incident and commiserates with the family of the deceased police officer and others who have lost their lives in such a gruesome manner. We appeal to the Bank of Ghana to firmly keep their resolve to ensure that all institutions adhere strictly to their directives on the use of armored bullion vans for cash in transit activities.
While also calling on state institutions to ensure the protection of the citizens, we recommend that the Ghana Police Service reinforces its intelligence and emergency response units to better secure life and property.
