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.
“I can assure the Ghanaian people that those responsible for the sequence of activities that led to the banking crisis will face the full brunt of the law if they are found to have broken the law," he noted during a speech at the 80th-anniversary celebration of PRESEC, Legon.
He added: "It is not the right that the overwhelming majority of ordinary Ghanaians should pay for the actions of a greedy few, without sanction."
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.
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.
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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.