Banks to undertake massive layoffs

quist 19:26 - 21 April 2016

With the Ghanaian banking sector experiencing shrinking revenue owing to increasing rates of loan-defaults, banks operating in the country are preparing to layoff a considerable amounts of workers.

Presently, there are seven tier-one banks according to the PWC 2014 Ghana Banking Survey. They are Ecobank Ghana, GCB, Stanchart, Stanbic, Barclays, Zenith and Fidelity Bank.

And the Finder reports that 150 workers from each of the two banks will be affected.

With regard to the indigenous bank, Business Finder further learnt that some staff members are anxious to accept the retrenchment offer since the package is expected to be good.

Already, some banks have laid off some workers, mainly contract staff in order to lessen the effect of the economic hardship on their businesses.