Total revamp of security needed in financial sector—Prof. Bokpin

Economist and professor of finance Godfred Bokpin is calling for a total revamp of security arrangements in the country’s financial sector.

This follows Monday’s robbery attack on a cash-in-transit bullion van at Timber Market, a suburb of Accra, resulting in the death of a policeman and an unnamed woman.

The recent incident comes after a similar attack on a bullion van at Fomena in the Ashanti Region, where the assailants made away with GH¢500,000.

In an interview with Business24, Prof. Bokpin said financial services sector players need to take practical steps to forestall a recurrence of the robbery incidents.

“Given the spate of attacks, there is the need to review the whole system as quickly as possible. All over the world criminals follow the money, so we have to put in place safety mechanisms to ensure movement of cash across the regions and within cities,” he said.

According to him, if the national security setup does not provide the needed security, financial institutions would be compelled to invest in their own security, which he feared would add to their operational costs and be passed on to consumers.

Business24 sources say the Ghana Association of Bankers is set to hold an emergency meeting to discuss the issue and other developments relating to the carting of bulk cash in and around the country.

The Inspector-General of Police, James Oppong Boanuh, has already directed all banks and financial institutions to provide fortified armoured vehicles for carting of cash by the end of this month.

A document sighted by Business24, dated December 24, 2020, from the central bank directed all Deposit Money Banks (DMBs) and Specialised Deposit-Taking Institutions (SDIs) to by July 1, 2023, acquire armoured plated vans for their cash operations.

Source: Business24