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Commercial Banks in Ghana to use armoured bullion vans from July 1.

Effective July 1, the commercial banks in Ghana will adopt the utilization of armoured bullion vans for their operations. This decision has been made to enhance security measures and ensure the safe transportation of valuable assets and cash between banking locations.

In a proactive effort to mitigate potential risks associated with traditional transportation methods, Ghanaian banks have recognized the need for a more robust and fortified solution.

By deploying armored bullion vans, the banks aim to fortify their cash logistics operations and safeguard against potential security threats.

Alhaji Iddi Sumaila, the President of the Association of Bullion Operators Ghana (ABOG), recently announced that starting from July 1, 2023, approximately 150 armored bullion vans will be available for utilization by banks.

During an interview with 3FM a radio station based in Accra, he revealed that by July 1, 2023, banks would begin employing armored vehicles or bullion vans. Nevertheless, he mentioned that some banks were still in the process of concluding the agreement with them.

Alahji Iddi Sumaila revealed that a significant number of banks have entered into agreements with the association to commence the implementation of armored bullion vans.

He further stated that immediate measures would be taken to ensure the utilization of armored billion vans by all banks starting from the first day of the upcoming month.

His remarks come in response to a tragic incident where a group of four armed robbers targeted a bullion van at a petroleum filling station located in Ablekuma, situated in the Greater Accra region. The violent act resulted in the loss of a valuable police officer’s life.

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The four robbers travelling in a black vehicle reportedly launched an attack on a bullion van shortly after it parked at the Star Oil Fuel Station near the ECG office at Ablekuma Fanmilk.

During this particular incident, the financial institution employed a single police escort accompanying a pickup van, making it easier for the criminals.

In response to a series of robbery attacks targeting officers accompanying vehicles with inadequate safety measures during cash transfers, the Inspector General of Police (IGP) has issued stern warnings against escorting any vehicle without the requisite protection for police personnel.

These incidents have compelled the IGP to take decisive action in safeguarding the lives of law enforcement officers involved in such operations.

In 2021, the central bank issued a directive requiring all financial institutions to acquire advanced protective vans. The Bank of Ghana emphasized that it would refuse entry to any substandard or vulnerable Cash-in-Transit (CIT) vehicles at any of its premises across the country.

However, due to the James Town robbery attack on a bullion van, resulting in the unfortunate death of a police officer and the injury of an innocent bystander by a stray bullet, the deadline was extended to July 1, 2023.

By implementing this change, the banks in Ghana are demonstrating their commitment to prioritizing the safety and security of their customers’ assets.

The introduction of armored bullion vans will enhance the overall security of cash handling, reducing the vulnerability of transportation to potential criminal activities.

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