Stakeholders In Financial, Security Industry Receive Training on Cash Handling

The first training to caution stakeholders about the rising trends in security in monetary terms was, yesterday, held in Accra. The training, an initiative of the e- Crime Bureau, seeks to train financial institutions and individuals who deal with cash either directly or indirectly, when it comes to its transportation and management. The programme is also aimed at supporting financial institutions and other organizations which handle cash to build capacity to deal with cash handling and security challenges they face in the course of their duties. In addition, the workshop would also delve into internal control measures, integrated security mechanisms and increasing technologies to protect and secure cash. The objective of the training is, therefore aimed at helping participants to gain insight into security threats targeting banks and other institutions, study advanced technologies in cash transit security as well as innovative ways of securing other cashless assets. In a keynote address, Dr Henry Wampah, Governor of the Bank of Ghana, noted that payment system initiatives introduced in the mid 1960s and aggressively pursued in the 1990s aimed at eradicating the cash burden had not been much successful. According to Dr Wampah, currency circulation data suggested that demand for bank notes and coins continued to increase, making cash the preferred mode for small value transactions. This, he said, exposed cash to more risk of physical deterioration, fraud, hold-ups, thefts, corruption and collusion, resulting in financial loss to the state rather than to business and individuals. �Cash is also subject to counterfeiting and money laundering at a very high level which compromises the integrity of the national currency and destabilizes the economy,� he added. In his remarks, Mr Samuel Anning, Director of the Research and Statistics Department of the West Africa Monetary Institute, said cash handling was not only a concern for the bank, but also for the economy as a whole. Mr Anning said the time had come for stakeholders and the security services to know the trends involved in handling money to enable them understand and prevent theft and fraudsters from outwitting them. The Founder and Principal Consultant of e-Crime Bureau, Mr Albert Antwi Boasiako, noted that the training which was on the topic �Cash Handling and Security,� would explore the emerging challenges faced by industry players relative to the field.