BoG Urge Public To Refrain From Panic Withdrawals; Says Banks Remain Operational

The Bank of Ghana (BoG) has urged the public to refrain from panic withdrawals through the 2-week period of the lockdown directed by the President of the Republic, H.E Nana Addo Dankwa Akufo-Addo.

The President in an address on Friday, March 27, 2020, announced that there will be a partial lockdown in parts of the country including the Accra Metropolitan Assembly, Kumasi Metropolitan Assembly and the Tema Metropolitan Assembly effective Monday, March 30, 2020.

Since that declaration, there have been panic withdrawals and panic buys with a section of the public fearing that services could be halted in totality during the period of the lockdown.

In a statement from the Bank of Ghana yesterday, it has assured the citizenry in the affected areas to stay calm. According to them, financial institutions will be in operation throughout the period and hence there is no need for panic withdrawals.

The BoG insists that all banks, savings and loan companies, Finance Houses, Rural and Community Banks, Microfinance Institutions and Forex Bureaus will conduct business as usual but with a minimum number of staff.

“The general public is therefore refrained from panic withdrawals and observe all health and safety protocols put in place by the above-mentioned institutions”, the BoG statement signed by its Secretary Ms. Sandra Thompson said.

In addition, all financial institutions are to observe all the health and safety protocols as announced by the government and it’s Health Ministry.

Below is the full statement from the Bank of Ghana.