• VIDEOS
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Election 2020 Results
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Photos
Local News
 
 
 
Home Business Business News 201209

Why Merchant Bank Workers Embarked On A Nationwide Strike

13-Sep-2012
/ Business News, Business
Email
Print
Comments 0
(0)
Comments
Share on Facebook Share on Twitter
 

Staff of Merchant Bank yesterday embarked on a nationwide strike over the bank’s refusal to reinstate Rev. Jonas Koranteng-Smart, its local union chairman, after he was wrongfully dismissed by the board.

Clad in red arm bands, the workers called for the removal of the company’s board of directors.

The reinstatement of Rev. Koranteng-Smart was ordered by the National Labour Commission (NLA) after the bank terminated the union chairman’s appointment on June 5, 2012.

Francis Kofi Davor, General Secretary of the Union of Industry Commerce and Finance Workers (UNICOF), who declared the strike yesterday, told CITY & BUSINESS GUIDE that the local union chairman was dismissed because he had informed unionized members about the outcome of the bank’s Annual General Meeting (AGM) held on March 27, 2012.

“Rev. Koranteng-Smart only reported what transpired at the AGM, so we do not understand why the board asked him to appear before the disciplinary committee which UNICOF asked him not to.”

He noted that Rev. Koranteng-Smart had been critical of some policies of the bank and its unimpressive performance.

“If union leaders and workers’ representatives will act in their capacity as such, and the first port of call is the disciplinary committee, then apart from the fact that no one will have the confidence as a union leader to challenge management or fully and frankly represent the social and economic interest of the workers, no one will even want to lead and this amounts to a tacit non recognition of the union,” a press statement from UNICOF said.

Mr. Davor said even though the union took the matter to NLC, which ruled that the chairman should be reinstated, the board refused to do so.

He said in addition to its “bad” industrial relations practices, management has poorly managed the bank.

He alleged that “the board has virtually taken over the day-to-day management of the bank so that it can justify its regular meetings and sitting allowances. Also, it has eroded by half the net worth it inherited as at December 2008 from GH˘62,445,000.00 to GH˘31,323,000.00 as at June 2012. Furthermore, allegations of conflict of interest are rife among senior personnel while an amount of $1,250,000.00 has supposedly been used by the bank to purchase a house for the MD. This has remained unoccupied since 2010. Additionally, the bank has acquired 20 brand new cars for what it called direct sales but has grounded them within two years of their acquisition.”

He however apologized to the bank’s customers for the inconvenience the strike action would cause them.

It would be recalled that in August, this year, Merchant Bank announced that it had accepted a GH˘176.4 million offer from South Africa’s second biggest financial institution, FirstRand in exchange for a 75 percent stake in the bank.

Source: Esther Awuah/D-Guide

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Parliament Adopts Report On Transfer Pricing Regulations

Next Post

"Report Any Landlord Or Individual Who Demands Payment Of Rent In DOLLARS"

 
 

More Stories

Nose Masks Sales Increase In Kumasi
Businesses Scared By Threat Of Renewed Lockdown
Olam Ghana Receives Top Employer Recognition in 2021
Ghana Revenue Authority Targets GH₵60 Billion Tax Revenue For 2021
PWDS Small Business Owners To Receive Support Through Accelerator Program
Alan Kyeremanten Best Person For Trade Ministry As Afcfta Kicks Off – GUTA
We Can’t Use Our Buses To Convey Only 2 Passengers - GPRTU
Focus More On Agric Sector Investment To Improve Economy – Dr Sarkodie
Study: More Than Half Of German Firms Expect Skilled Labour Shortage
Next Post

"Report Any Landlord Or Individual Who Demands Payment Of Rent In DOLLARS"

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Business News Stories

  • Nose Masks Sales Increase In Kumasi

  • Businesses Scared By Threat Of Renewed Lockdown

  • Olam Ghana Receives Top Employer Recognition in 2021

  • Ghana Revenue Authority Targets GH₵60 Billion Tax Revenue For 2021

  • PWDS Small Business Owners To Receive Support Through Accelerator Program

  • Alan Kyeremanten Best Person For Trade Ministry As Afcfta Kicks Off – GUTA

  • We Can’t Use Our Buses To Convey Only 2 Passengers - GPRTU

  • Focus More On Agric Sector Investment To Improve Economy – Dr Sarkodie

  • Study: More Than Half Of German Firms Expect Skilled Labour Shortage

  • BoG To Arrest Cedi’s Depreciation With US$775m Injection

 

 
 

Popular Videos

Tima Kunkum Did Not Apply Emotional Intelligence In Her Interview With Delay - Kwasi Aboagye

Asomdwee Park Being Reconstructed...All Thanks To Akufo Addo - Koku

I've Opened My Doors For A Serious Boyfriend - MzVee Reveals

Counselor Lutterodt Fires Tima Kunkum On Her Interview With Delay

Koku Anyidoho Reveals His Close Relationship With Kwami Sefa Kayi After Birthday Bashing

See How Confused You Are!!! - Mireku Duker Jabs Mahama And His Legal Team

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Online Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media