Workers of defunct Heritage Bank asked to go home

The Bank of Ghana (BoG) revoked the license of Heritage Bank in January 2019.
Ghana's Central Bank said that Heritage bank’s capital seems to have come from sources which were suspicious.
The Receiver of Heritage Bank has directed the staff to stop work.

The Receiver of defunct Heritage Bank, Vish Ashiagbor has asked all branches of the bank to cease operations.

This directive excludes only two branches which are the Tema Community 1, and Suame – Kumasi branches.

In a letter by Vish Ashiagbor, it said: “Consolidated Bank Ghana will cease to operate the former branches of Heritage bank after close of business on Thursday, 28 February 2019”.

“Unless specifically requested, all the Receiver’s consultant staff will no longer be required to physically report to work at the former branches or Head Office daily,” the letter added.

The directive also added that workers will receive allowances in line with the consultancy contracts for the term of the contract which ends on March 31, 2019.

The Bank of Ghana (BoG) revoked the license of Heritage Bank after it discovered a number of anomalies relating to its licensing, the sources of its capital, and related party transactions.

The BoG said that Heritage bank’s capital seems to have come from sources which were suspicious.

Meanwhile, the Board and lawyers of the majority shareholder of Heritage Bank, Seidu Agongo have argued that the Central Bank’s reasons for revoking their licence is unfair and a bad precedent for the future.