Staff Of 5 Collapsed Banks Given 60 Days To Prove Themselves To Keep Their Job

Workers of the five local banks collapsed by the Bank of Ghana (BoG) for being insolvent, have been given 60 days to justify themselves to warrant employment in the newly created Consolidated Bank Ghana.

Managing Director of the Consolidated Bank, established by BoG to take over the assets and liabilities of the five banks, said all the workers of the collapsed banks will remain in their employment for the next 60 days effective August 1.

During the period, their employment status will be assessed by the Consolidated Bank management based on which a decision will be made as to who should continue to remain in employment or be sacked.

“…You will be working with the new Bank for a period of 60 days for certain during which time it will be possible for your employment status to be assessed,” a letter to each of the employees signed by the MD of Consolidated Bank, Daniel W. Addo quoted in parts.

The letter dated August 1, added “Based on this assessment, a determination will be made as to whether you will continue to be in employment with the Consolidated Bank Ghana Ltd”.

Meanwhile the MD of Consolidated Bank has asked the staff of all the five banks to remain at their current workplaces.

BoG on August 1 announced the collapse of the five banks – Unibank, Beige,Construction and Sovereign and Royal banks –after it established that they were highly distressed.

Out of the five banks, UniBank, Royal Bank and Beige Bank were said to be heavily insolvent as their liabilities exceeded their assets.

Sovereign Bank and Construction Bank, on the other hand, obtained their licenses by false pretences, according to Dr Addison.

They are said to have used suspicious and non-existent capital, which has made it impossible for them to have liquid to operate.

Governor of the Bank of Ghana Dr Ernest Addison announced on August 1 that his outfit is was pumping GH¢450 million as minimum capital for the Consolidated Bank ahead of the GH¢400 million capital requirement to be achieved by all commercial banks by the end of this year.


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