- The Bank of Ghana has issued a directive to Ghanaians and all financial institutions in the country in relation to the coronavirus
- In the statement, it gave the assurance that it is closely monitoring the situation and would release a report soon
- It advised all financial institutions to ensure that they implement the necessary safety measures for their staff and customers
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The Bank of Ghana (BoG) has released a statement in relation to the coronavirus which has infected people and led to the loss of lives all over the world.
The statement, released on Monday, March 16, 2020, gave the assurance that measures have been implemented to assess the effect of the coronavirus on the economy.
It added that a three-day Monetary Policy Committee (MPC) meeting has been fixed in order to examine the situation and introduce directives on the way forward.
In that respect, the BoG advised all financial institutions in Ghana to ensure that they activate their business continuity and disaster recovery plans.
It also recommended adherence to safety regulations released by the relevant institutions and ensure that their staff and customers are well-protected.
The BoG went on to advise the financial institutions to ensure that their Automated Teller Machines (ATMs) don’t run out of cash.
It recommended that the general public refrain from panic withdrawals as the banks and other financial institutions shall constantly remain open to assist customers.
The BoG concluded the statement by assuring all stakeholders that it would continue to monitor the situation and remain committed to its mandate of mitigating the economic impact of the current situation, in order to ensure financial and economic stability.
In other news, the Chief Executive Officer (CEO) of the Ghana Exim Bank, Lawrence Agyinsam, has called on the government to implement measures that would lead to increased manufacturing of goods.
According to him, the extent to which the coronavirus has affected trading activities in Ghana should be a wakeup call.
He explained that Ghana heavily relies on imports from China and the country has experienced a downturn in its business activities.
Agyimsam, per a report by citibusinessnews.com, explained that for that reason, Ghanaian businesses are also in a fix and therefore need an alternative course of action.
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