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September 16, 2018 | Business & Finance

Akufo-Addo Claims Collapsed Banks Minimised Job Losses

Abu Mubarik -
Akufo-Addo Claims Collapsed Banks Minimised Job Losses

The intervention of Bank of Ghana following the liquidity challenges of seven local banks has minimised job losses, according to president Nana Akufo-Addo.

'In fact, GHS12.7 billion of public funds has been injected into these seven banks following their malfunction," he said Saturday at the 80th anniversary celebratory durbar of one of the country's finest secondary schools, Presbyterian Boys' Senior Secondary School, Legon.

He added: "Depositors' savings, however, have been safeguarded; job losses have been minimised and a strong set of indigenous banks, is being born."

In 2017, two banks- UT Bank and Capital Bank, were liquidated by the Bank of Ghana and put under GCB management.

On August 1, 2018, the Bank of Ghana revoked the licenses of 5 struggling banks and merged them into one and named it Consolidated Bank Ghana limited. These banks are uniBank, Sovereign Bank, The Royal Bank, The Beige Bank, and The Construction Bank.

Subsequently, Consolidated Bank as part of staff rationalization fired about 1,700 out of 3,700 of the workers it inherited from the five collapsed banks.

The affected workers include 700 mobile bankers of the erstwhile BEIGE Bank, while 1,000 are former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank.

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