In the wake of the incident, the IGP has served notice that the Police Service will withdraw escort services to sub-standard bullion vans if the banks do not do the right thing by the end of June.
According to the association, the incident is a tragic one that calls for serious reforms.
In a statement, the association consoled the bereaved families, the police administration and others who have, in one way or another, been affected by the tragedy.
“The Ghana Association of Bankers is extremely saddened to learn about the events of Monday, June 14, 2021, which led to the tragic loss of General Constable Emmanuel Osei of the National SWAT Unit, Police Headquarters Accra. The death of an officer on official duty is always a great tragedy and we offer our heart-felt condolences to the family, the Inspector- General of Police, and the entire Police Service”, the statement read in parts.
The group admitted that it has had interactions with the top hierarchy of National Security, the Inspector General of Police, the management of the Bank of Ghana (BoG), and third party private security providers of banks following the increasing security incidents recorded in the sector over the past year.
“As a response, we have committed to comply with the “latest industry standards in compliance, and certification requirements of Cash in Transit (CIT) operations; strengthen dialogue with the providers of CIT service to develop a comprehensive infrastructure, and implement an aggressively proactive approach to staying at the forefront of the continually evolving security threats that the banking sector is exposed to.”
It says this is to protect banking staff, customers, service providers – including personnel of the Ghana Police Service – cash and other facilities of banks.
The Association reiterated its commitment and resolve to work with the national security apparatus and take every measure to ensure the highest level of compliance with industry standards.
The association however did not state clearly whether the June deadline given by the Police would be met.
“We take this opportunity to assure the banking community and the general public that we have been working on enhanced CIT modalities with the Police Service, BoG, and our third-party service providers and remain fully committed to strict compliance with established standards”, the release added.
In the meantime, customers have been encouraged to use the available digital banking channels offered by the industry to minimize the use of cash.