Acquisition of armoured bullion vans: Have patience with banks – Former Bank of Africa MD to IGP

Former Managing Director of Bank of Africa, Menson Torkornoo has called on the Governor of Bank of Ghana and the Inspector-General of Police (IGP) to review the deadline for banks to procure fortified armoured vehicles.

The IGP on Monday directed banks to ensure that they use armour-platted vans to transport cash within the country by the close of June.

In a press release issued by the Public Affairs Directorate, the IGP threatened that the Service will withdraw their regular escorts if the financial institutions fail to comply with the directive.

But, describing the directive as unrealistic, Menson Torkornoo noted that banks in Ghana will face challenges in complying with the acquisition of armoured bullion vans by end of June.

In an interview with JoyNews, Tuesday, he said, “for me, I would say that the end of this month is too early. If they give them about 3 months to order these armoured vehicles, that will be fine.

They are not around in the shops that they are going to buy them, they have to order them so I think Bank of Ghana and IGP should be lenient with the banks so that they can satisfy everybody.”

Menson Torkornoo further intimated that the acquisition of these vans within the limited time frame is impossible therefore a proper dialogue between banks and the Ghana Police Service is needed to agree on a suitable time period.

“I can imagine the banks in a difficult position, I think they need to dialogue with the IGP. Even if you want to establish a letter of credit for the bullion vans to come, I don’t think it will come within 90 days,” he said.

This comes in the wake of rampant robbery attacks in recent times. 

On Monday, armed robbers killed a police officer, Emmanuel Osei, and a hawker, Efua Badu, and injured a bullion van driver at Adedenkpo, a suburb of Jamestown.