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Bank of Ghana rolls out monetary safety measures over COVID-19

…Warns against panic withdrawals

As part of renewed efforts to protect the economy while taking serious precautionary measures against spread and impacts of the COVID-19 pandemic on domestic economy, the Bank of Ghana (BoG) has rolled out stringent measures for both bankers and customers.

Already, Government of Ghana had shutdown all educational institutions, both public and private, until further notice, starting from Monday, March 16, 2010, tasking the Education and Communication ministries to roll out distance learning protocols for the schools.

In a statement made available to Business Hilights Ghana Bureau Chief, BoG assured that whereas it remained committed to its mandate and would take the necessary measures and interventions to alleviate the economic impact of the current situation to ensure financial and economic stability, the health of the nation shall remain paramount in all transaction.

It said the Monetary Policy Committee (MPC) would meet from today, Wednesday 18th March, 2020 to Friday, 20th March, 2020 and the Committee’s assessment of the situation and interventions would be communicated to the public on Monday, 23rd March, 2020.

“In the interim, the BoG urged all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureau to activate their business continuity and disaster recovery plans proportionate to the current circumstance and to review these plans as the situation changes.

“They should also abide by the public notices and advisory issued by the Government of Ghana, the Ministry of Health, the Ghana Health Service and other relevant authorities, in relation to the COVID-19 Pandemic.

BoG warned that to enhance protective and safety procedures for all Staff, the banks should ensure that all Banking Halls, Automated Teller Machines (ATMs), Counting Machines and other relevant equipment are sanitised on a regular basis.

“Banks’ should also ensure that Staff and Customers comply with the social distancing practice, ensure that critical and front line Staff are provided with protective equipment and gear, for example, gloves, face masks, and also provide hand sanitising dispensers at entry and other vantage points.

“The banks are also to ensure that all electronic channels are fully functional at all times and ATMs did not run out of cash.

While advising the public to refrain from panic withdrawals, BoG assured that banks and Specialised Deposit-taking Institutions will remain open to offer services to Customers as containment processes intensify.

Ghana currently has six confirmed cases with no death even as the pandemic has so far claimed more than 6,000 lives and infected more than 170,000 people worldwide.

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