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RADP / Pulse Ghana  >  news  >  business

Government to offer alternative jobs to ‘excess’ Consolidated Bank staff

Magdalene Teiko Larnyoh

A Deputy Finance Minister, Charles Adu Boahen said the government is working to reduce the number of workers who may be laid off when the processes of consolidation are completed.

He was speaking at a public dialogue on the banking sector challenges organised by the Danquah Institute.

He said that the government is working to reduce the number of workers who may be laid off for one reason or another when the processes of consolidation are completed.

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He added that the government is considering developing alternative jobs which will absorb some of the staff of the five banks who will be eventually laid off.

“We could get some of the staff to set up a car rental company then we hire them off to run this company; lease the cars back to this back and we rent the cars. We can do the same with security and catering services… before you realise, you have set up maybe five or six indigenous Ghanaian own businesses of people who are providing services to the bank and we save some jobs.”

On August 1, 2018, the Bank of Ghana revoked the licenses of five local banks.

The banks were subsequently merged to form the Consolidated Bank Ghana Limited.

The BoG cited issues of poor corporate governance, weak capital, severe impairments of loans, high insolvency, among others as the basis for the action.

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The banks that were affected were; Unibank, the Royal Bank, Construction Bank, Sovereign Bank and the Beige bank.

Many wondered what will happen to the staff of all 5 companies. But the management of the Consolidated bank issued a directive saying that the staff of the collapsed banks currently with the new bank have till the next sixty days (ending September 2018), to undergo an assessment of their skills.

This means that the affected staff will know their fate after the 60 days expires.

Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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