Bank of Ghana assesses impact of COVID-19 on economy

Bank of Ghana

The Bank of Ghana says it is assessing the possible impact of the COVID-19 pandemic on domestic economy and it is taking the necessary steps to mitigate it to ensure financial and economic stability.

In a statement copied to the Ghana News Agency, the BoG said it remained committed to its mandate and would take the necessary measures and interventions to alleviate the economic impact of the current situation to ensure financial and economic stability.

It said the Monetary Policy Committee would meet from Wednesday 18th March, 2020 to Friday, 20th March, 2020 and the Committee’s assessment of the situation and interventions would be communicated to the public on Monday, 23rd March, 2020.

In the interim, the BoG urged all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureau to activate their business continuity and disaster recovery plans proportionate to the current circumstance and to review these plans as the situation changes.

They should also 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 statement said to enhance protective and safety procedures for all Staff, the banks should ensure that all Banking Halls, Automated Teller Machines (ATMs), Counting Machines and other relevant equipment are sanitised on a regular basis.

They should also ensure that Staff and Customers comply with the social distancing practice, ensure that critical and front line Staff are provided with protective equipment and gear, for example, gloves, face masks, and also provide hand sanitising dispensers at entry and other vantage points.

The banks are also to ensure that all electronic channels are fully functional at all times and ATMs did not run out of cash.

The Bank of Ghana advised the public to refrain from panic withdrawals as the banks and Specialised Deposit-taking Institutions will remain open to offer services to Customers.

Ghana has so far recorded six coronavirus cases and the Government on Sunday stepped up measures to stem its spread in the country, suspending all public gatherings, including conferences, workshops, funerals, festivals, political rallies, sporting events, and religious events have been suspended for four weeks.

There is also the closure of all educational institutions, both public and private, until further notice, starting from Monday, March 16, 2010, tasking the Education and Communication ministries to roll out distance learning protocols for the schools.

However, BECE and WASSCE candidates would be allowed to attend school to prepare for their examinations with the observance of the prescribed social distancing protocols.

The pandemic has so far claimed more than 6,000 lives and infected more than 170,000 people worldwide.

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