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Banks procure 60 armoured bullion vans as of June – Ghana Association of Bankers

The Chief Executive Officer (CEO) of the Ghana Association of Bankers, John Awuah, says banks in Ghana have procured 60 armoured bullion vans to ensure the safe carting of money and the protection of lives.

According to Mr. Awuah, the armoured bullion vans were procured between January and June this year.

In an interview with the Ghana News Agency, the Ghana Association of Bankers CEO said the special purpose vehicles have features like siren, tracking devices, bullet resistant glass and other protective features.

“We have taken delivery of more than 60 armoured bullion vans as of June this year,” Mr. Awuah told the GNA, adding that a lot more of such security vehicles would be in the country by December.

Mr. Awuah said the banks, together with the Ghana Police Service had also procured some armoured vests and ballistic helmets to ensure that officers who go on escort duties are fully armed in the right regalia.

He said: “The security of cash movement and escort officers is a critical component of the business of banking. More so, despite the transition to digital financial services, the volume of cash transactions is extremely high. In that regard, the safety and security of cash are of prime importance to the industry.”

“So in the period when we experienced these incidences, we commiserated with the people who were affected and worked actively with the Ghana Police to re-strategise on how to safely move cash from one point to another.

“The Central Bank also stepped in to provide some temporary solution for the Banks, by using its armoured bullion vans for cash movement.”

Between 2018 and 2021attacks on bullion vans led to the loss of three lives and robbers bolting away with GHC1,050,000 while other victims sustained injuries.

Mr. Awuah also noted that military officers escorting cash in transit vehicles became necessary to boost security and prevent the recurrence of attacks.

He said: At the height of the attacks we wanted to have more vans on the ground and at the time, the Police were also undertaking some internal exercises for promotion which limited the number of Police personnel available.