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BoG waiting for another disaster?


In the intricate realm of global affairs, Ghana stands as a paradox, a nation caught in the relentless grip of reactive governance. 

Its leaders, entrusted with the sacred duty of steering the ship of state, seem to have adopted a peculiar philosophy – a philosophy of waiting for storm clouds to gather before unfurling the sails of action. 

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As the world hurtles forward, Ghana remains tethered to a tradition of procrastination, only mustering the will to address long-standing issues when they metamorphose into full-blown crises. 

This habitual reactivity not only jeopardizes the nation’s well-being but also leaves the world watching in incredulous fascination at a leadership seemingly trapped in the clutches of inertia.

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In the arena of global geopolitics, the adage “prevention is better than cure” finds its resonance in the elusive art of proactivity. 

Yet, within the borders of Ghana, this fundamental principle appears to be but a distant whisper drowned out by the cacophony of crises. 

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The leadership and institutions of this nation have mastered the art of reactive governance, a practice that transforms issues into ticking time bombs, detonating only when the urgency of disaster demands their attention. 

This alarming pattern not only underscores a lack of foresight but also raises profound questions about the capacity and commitment of those at the helm.

You may recall that the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, confirmed that most banks in the country have complied with the directive to purchase ‘bulletproof’ bullion vans for transporting cash. 

This came after the Central Bank directed all banks to acquire ‘bulletproof’ bullion vehicles to transit cash by July 1, 2023. 

Before then there had been a series of robbery attacks on vans transporting cash, leading to the death of a police escort. 

According to the Governor, “Ideally, there should be police escorts who should not be in these vans. But rather following these vehicles.”

Speaking at the 113th Monetary Policy Committee (MPC) press conference in Accra on Monday, July 24, 2023, Dr. Addison said the banks had complied with the directive. He said, “I have seen a lot of clearances from the Ministry of Interior to aid these imports and even those that have already brought in these cars.”

A Call For Proactive Measures

Despite the assurances from the Governor of the Bank of Ghana that banks have complied with the directive to purchase bullion vans, recent observations paint a different picture. 

Fast forward to today, and it’s evident that some banks continue to utilize refitted pickup trucks for cash transportation. 

Even if these pickups have been upgraded with armor plating, they still lack the structural integrity and specialized design inherent to standard bullion vans.

Standard bullion vans are purpose-built vehicles engineered with a suite of features specifically tailored for secure cash transit. 

These features include reinforced armor plating, robust locking systems, and compartments designed to deter and withstand attempted robberies. 

Moreover, bullion vans often come equipped with advanced security technologies such as GPS tracking, panic buttons, and secure communication systems, further enhancing their ability to prevent and respond to security threats effectively.

In contrast, refitted pickup trucks, while may be armored, are not structurally designed to fulfill the demanding requirements of cash transit. 

Their conversions typically lack the specialized security features found in dedicated bullion vans, leaving them vulnerable to breaches and compromising the safety of both personnel and assets.

Given the critical role of secure cash transportation in maintaining financial stability and public safety, it is imperative that authorities take proactive measures to address this issue. 

The continued use of inadequately equipped vehicles for cash transit poses significant risks and undermines efforts to combat robbery attacks effectively.

Therefore, authorities must enforce strict compliance with regulations mandating the use of standard bullion vans for cash transportation by financial institutions. 

Additionally, there should be regular audits and inspections to ensure adherence to safety standards and protocols. 

Investing in the proper infrastructure and equipment now will not only mitigate the risk of future security breaches but also safeguard the integrity of Ghana’s financial system and protect the welfare of its citizens. 

They should not wait for another tragedy before they act.

Source: Vaultz News

DISCLAIMER: TIGPost.co will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana.

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