There isn’t much time for anything these days so let’s get straight to it.

1. BoG must guarantee liquidity support to banks in the case of panic withdrawals.

2. Support could be extended to government & investment firms in case of people liquidating investments in order to buy supplies.

3. Be ready to pay off all validated claims of people who have seen their banks/S&L/MFI/investment company closed. Halt the “follow up” process as that is causing long queues and large gatherings. Just announce that payment is happening and give a timeline.

4. Temporarily raise ceilings on both balance and transactions via mobile money. Require all businesses to accept it. Help telcos with low adoption to have their versions also accepted by businesses.

5. In the event of panic selling of stocks, set up a swap system (maybe financed by the BoG) where firms can trade stocks for cash to meet huge redemptions with the requirement that they take back the stocks over an agreed period of time.

6. Announce increased monitoring & sanctions for businesses who charge in foreign currency. As much as possible, also halt businesses marking cedi prices to exchange rates.

7. Temporary halt on duties and sales taxes for imports of essential goods.

8. Quotas on export of essential goods.

We may not need all these measures or we could need much more. But we need to be ready.