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Massive Layoffs Oil companies sack 300 Ghanaians, more to follow

The   General Transport Petroleum and Chemical Workers Union, who  revealed the information, say three hundred workers have lost their jobs so far, and many more are set to follow if oil prices do not increase soon.

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Barclays thinks oil will be at $85 in 2020

Hundreds of Ghanaian workers of Oil and Gas companies operating in the country have been sacked.

The   General Transport Petroleum and Chemical Workers Union, who  revealed the information, say three hundred workers have lost their jobs so far, and many more are set to follow if oil prices do not increase soon.

The Price of Crude Oil on the international market fell from $50 a barrel in the end of 2015,  to as low as $28 in the first quarter of 2016.

READ MORE: Ghanaian Financial Sector Banks to undertake massive layoffs

Though current prices have relatively began to increase,  the current price of $40 a barrel is nowhere close to the $100 average price of the first quarter of 2015.

Financial reports of oil companies have show that they are yet to recover from the effects of the huge slump in prices.

Francis Sallah, General Secretary of the General Transport, Petroleum and Chemical Workers Union, says the current power crisis in Ghana can also be blamed for some of the layoffs.

“We have lost more than 300 Ghanaians and counting, because employers are making plans to further cut down the workers. In this country, when one worker losses his or her job, it cascades down to almost six other people in the family. Because you have your wife, your children, and even extends to other members of the extended family”, he said in an interview with Accra-base Citi Fm.

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