IGP’s June ending request for banks to buy Bullion vans is impossible – Banking expert

IGP’s June ending request for banks to buy Bullion vans is impossible – Banking expert

  • A banking consultant has stated that the directive by the Inspector General of Police ordering banks to purchase better bullion vans by the end of June is impossible
  • Dr. Richard Atuahene said armoured cars are too expensive for the banks to procure within the given time
  • According to him, the banks can buy them but they cannot use all their money to get the sophisticated vans

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Dr. Richmond Atuahene, a banking consultant has stated that the directive by the Inspector General of Police ordering banks to purchase better bullion vans by the end of June is impossible.

James Oppong Boanuh has told banks in the country to acquire fortified bullion vans to cart cash across the country by June ending or have the police withdraw their escort duties for them.

It comes on the back of the killing of an officer who was escorting a bullion van carrying cash at James Town in Accra on Monday, June 14, 2021.

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IGP’s June ending request for banks to buy Bullion vans is impossible – Banking expert
IGP’s June ending request for banks to buy Bullion vans is impossible – Banking expert
Source: UGC

In a report filed by StarrNews, Dr. Atuahene said armoured cars are too expensive for the banks to procure within the given time.

According to him, the banks can buy them but the problem is the fact that banks with many branches cannot use all their money to get sophisticated vans.

“The armoured cars cost around $150,000 to $200,000 and by the time the banks get to that level, they wouldn’t be in business. Our banks can buy but you can’t put all your money into the buying of bullion vans especially with those with many branches,” he said.

BoG directive

The Bank of Ghana (BoG) issued a directive to all financial institutions to buy bulletproof bullion vans to transit their cash.

BoG asked all banks to replace all soft-skinned Cash-in-Transit vehicles presently in use with fit-for-purpose armored-plated vehicles with European Standard B6 ballistic protection for the passenger compartment and European Standard B4 for the cargo compartment.

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In a statement sighted by YEN.com.gh, the Bank of Ghana stated that they had to be involved in the procurement of the armoured vehicles to ensure compliance with specifications.

IGP's ultimatum

The Inspector-General of Police (IGP), James Oppong-Boanuh, has threatened to withdraw his men from escorting bullion vehicles if armoured vans are not provided.

According to him, the Association of Bankers is expected to provide fortified armoured vehicles for carting currencies by the close of June 2021.

In a statement issued by the Police Service, the provision of fortified armoured vans has been agreed upon with the Association of Bankers.

The call follows Monday morning’s armed attack on a bullion van at Adedenkpo, a suburb of James Town in Accra that cost the life of a policeman and a trader.

Details of slain policeman pop up

Following the news of the robbery incident and the shooting, details of the slain officer have popped up.

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We will withdraw our men if armoured bullion vans are not provided – IGP to bankers

The Greater Accra Regional Police PRO, DSP Efia Tenge, revealed the name of the deceased to be General Constable Emmanuel Osei.

With police service number G/C 58449, he was a member of the National SWAT Unit. Osei, Tenge explained, was guarding a Nissan van with registration number GT 8592 which belongs to a company called Montran.

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Source: Yen.com.gh

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