Banks, Financial Institutions Will Remain Opened During Partial Lock-down – BoG

The Bank of Ghana has asked all financial institutions in the country to keep operating but with minimum staff to provide services to clients as parts of the country prepare to go into a lockdown starting Sunday Midnight. 

A statement from the Bank of Ghana, also urged the banks and other financial institutions to operate with a minimum number of staff and make available Automated Teller Machines (ATMs) and all digital platforms as part of measures to help curtail the spread of the coronavirus.

“Following the address to the nation by the President of the Republic, Nana Addo Dankwa Akufo-Addo, on Ghana’s enhanced response to the coronavirus pandemic, on Friday, 27th March, 2020, the Office of the President has clarified that all banks and financial institutions will be opened,

“The Bank of Ghana, therefore wishes to inform Banks, Savings and Loans Companies, Finance Houses, Rural and Community Banks, Microfinance Institutions and Forex Bureaux to trigger their business continuity plans with minimum number of staff, to ensure their doors are open to the general public and Automated Teller Machines (ATMs), electronic channels and all payment platforms are functional,” the statement noted.

This directive comes after President Nana Akufo-Addo in a televised national address ordered the lockdown of the Greater Accra Region some parts of Central Region and Kumasi.

GHS1bn Stimulus Package For Businesses

The President announcing the partial lock-down last Friday said all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis.

According to him, this is part of the creation of a Coronavirus Alleviation Program to revive the country’s affected industries and address the distraction in economic activities caused by the pandemic.

“The Minister for Finance has been directed by me to prepare, for approval by Parliament, a Coronavirus Alleviation Programme to address the disruption in economic activities, the hardship of our people, and to rescue and revitalize our industries. He will, then, immediately make available a minimum of one billion cedis (GH¢1 billion) to households and businesses, particularly small and medium scale enterprises. The commercial banks are, in addition, responding to the Bank of Ghana’s 1.5% decrease in the Policy Pate and 2% in reserve requirement with a three billion-cedi (GH¢3 billion) facility, to support industry especially in the pharmaceutical, hospitality, service and manufacturing sectors” he said.

The President also added that “we are providing additional relief, such as extension of the tax filing date from April to June; a two percent (2%) reduction of interest rates by banks, effective 1st April, 2020; the granting by the banks of a six (6) month moratorium of principal repayments to entities in the airline and hospitality industries, i.e. hotels, restaurants, car rentals, food vendors, taxis, and uber operators. All other sector credit exposures will be reviewed on a case by case basis; mobile money users can send up to one hundred cedis (GH¢100) for free; and a one hundred percent (100%) to three hundred percent (300%) increase in the daily transaction limits for mobile money transactions”.