GCB Bank has issued a scathing warning to the Herald Newspaper and other interest groups who may seek to use the media to intimidate the premier commercial bank into giving their preferred vendor the contract to carry out Cash in Transit (CIT) Services for the bank. This comes on the back of a report by the named newspaper suggesting that the bank had terminated the contracts of the Bank’s existing cash in transit (CIT) vendors and awarded contracts for armored bullion van CIT services to unqualified vendors.
“We deem the content of the publication as false, malicious, and intended to discredit and unnecessarily pre-empt the efforts of the Board and Management of the Bank to proactively protect the interest of shareholders.” a press statement by the management of GCB stated.
The bank says it “has neither terminated the contract of existing CIT service providers nor awarded a contract for the use of armored bullion vans for CIT services.”
Further, the Bank has not granted a loan to any company to procure and/or operate armored bullion vans for CIT services. For the paper to insinuate that GCB Bank is granting a US$20 Million facility to a vendor to procure armored vans and provide CIT services is frivolous and a figment of their imagination in an attempt to malign the hard work of the management and staff of GCB bank and that any attempt to influence the bank to consider any vendor who does not meet the requirements for the CIT services will not be tolerated.
It may be recalled that in December 2020, the Bank of Ghana (BOG) issued a directive for Banks to replace soft-skinned bullion vans with armored bullion vans for CIT services. In the wake of incessant robbery attacks on bullion vans in the country, the Inspector General of Police, James Oppong-Boanuh asked banks to provide fortified armored vehicles for carting money.
The vehicles used by most banks operating in Ghana as bullion vans are not fit-for-purpose, putting both the security personnel and the money being transported at risk.
Some police officers on these special duties have repeatedly complained about the unavailability of bulletproof vests and sophisticated weapons to protect them on these assignments, aside from the sub-standard bullion vans.
