Coronavirus: Bank of Ghana warns against panic withdrawals, issues directives to banks

The Bank of Ghana (BoG) has cautioned the public against panic withdrawals in the wake of confirmed cases of the Coronavirus (COVID-19) in the country.

The BoG in a statement on Monday also directed all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureaux to activate their business continuity and disaster recovery plans.

“The General Public is strongly advised to refrain from panic withdrawals. Banks and Specialised Deposit-taking Institutions, shall remain open to offer services to Customers,” the statement said.

"The Bank of Ghana continues to assess the possible impact of the Pandemic on the domestic economy and is taking the necessary steps to mitigate its impact, to ensure financial and economic stability. The Bank’s Monetary Policy Committee is scheduled to meet from Wednesday, 18th March 2020 to Friday, 20th March 2020".

The Bank of Ghana also directed all banks to enhance protection and safety procedures for all staff and to ensure all electronic channels are fully functional at all times and ATMs do not run out of cash.

Read BoG’s full statement below:

Statement on the Covid 19 Pandemic by Kweku Zurek on Scribd