BoG issues interim directives to banks over Covid-19

The Bank of Ghana (BoG) has assured the general public it is taking steps to mitigate any negative impact of the outbreak of coronavirus on the domestic economy.

The bank’s Monetary Policy Committee is set to meet on Wednesday, March 18, 2020-Friday, March 20, 2020, and formulate measures and interventions.

It is expected that the central bank will announce these measures on Monday, Mar5ch, 23, 2020.

Meanwhile, in the interim, banks, savings and loans companies and other financial institutions have been asked to activate their business continuity and disaster recovery plans proportionate to the current circumstance and to review those plans as situation changes.

They [financial institutions] have also institutions have also been asked to abide by the public notices and advisory issued by the government of Ghana, the Ministry of Health, the Ghana Health Service and other relevant authorities, in relation to the Covid-19 pandemic.

The BoG further directed banks to ensure that banking halls, automated teller machines, counting machines and other relevant equipment are sanitised regularly.

To customers, it admonished them to desist from panic withdrawals since all institutions shall remain opened to offer services to them.

By: Rashid Obodai Provencal

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