• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Business News 201809

Economic Crisis 8,000 Workers Going Home

10-Sep-2018
/ Business News, Business
Email
Print
Comments 1
(1)
Comments
Share on Facebook Share on Twitter
 

Three thousand workers in different media organizations in the country have over the past few weeks been laid off and additional 5,000 workers in different sectors of the economy are also on their way home due to serious liquidity challenges facing most of these businesses.

The mass layoffs come barely a month after the collapse of seven (7) indigenous banks in the country triggered over two thousand (2,000) job cuts and losses.

Already, it is estimated that millions of Ghanaians are without jobs, the majority being the youth and the present layoffs is said to compound an already bad situation.

The new Consolidated Bank Ghana (CBG) is due to lay off 700 workers of the collapsed Beige Bank today. Letters communicating their dismissals have been dispatched to the workers.

Vodafone Ghana has also officially hinted o the dismissal of several thousands of its staff with the Oil Marketing Companies (OMGs) warning that 4,000 employees of the association are to be retrenched or laid off due to the prevailing economic climate in the country.

GN Media and TV Africa have also sacked over 500 of their employees citing restructuring exercise as basis for their actions.

EIB Network has also sacked 120 of its staff with many more on their way home. Plans to look into and publish its findings on the recent mass staff layoffs on the media front.

President of GIBA, Mr. Andre Danso-Ahinkora, said the Association was beginning talks with labour unions to get to the bottom of the lay-offs in the media.

“We will need to meet and find out and understand what is going on and put out a document,” he said.

Meanwhile, an Economist, Professor Peter Quartey, has said the media houses that are currently challenged were not set up as viable businesses.

According to him, there is a link between the media staff layoffs and the banking sector crisis.

“If the media outlets are not financially sustainable, they draw on these financial institutions in order to remain vibrant …and certainly once their source of funding dries up, they go down. But if they get a capital from their financier and you are independent and viable, I don’t see why if your financier goes down you should also go down; unless there are no good corporate governance structures in those media houses,” he said.

Source: The Insight

 

 
 

 

Comments ( 1 ): 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

Ghana to learn decommissioning from Scottish Forth Ports

Next Post

Stop Fronting For Foreign Companies - Amewu Tells Local Firm

 
 

More Stories

Power Debt Owed To ECG Was Inherited, We Will Pay Outstanding Debt – Electrochem
China Pledges Support For Ghana’s Debt Treatment
More Thai Companies Come On Board For Rice Project As They Sign MoU With Jospong Group
Agric Minister Woos Rice Investors In Thailand To Ghana
KFC In Good Standing With ECG - Management Assures Customers
CEO Of Quick Angels Richard Quaye Gifts 10 Entrepreneurs With Free Seed Capital On His Birthday
Vodafone Cash And Mobile Money Limited Partner To Enable Merchant Interoperability
MobileMoney Limited And Vodafone Ghana Partner To Enable Merchant Interoperability
Huawei’s FinTech 2.0 To Support Ghana’s Mobile Money, Deepen Financial Inclusion
Next Post

Stop Fronting For Foreign Companies - Amewu Tells Local Firm

  Ghana Business News

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


 
 

Other Business News Stories

  • Power Debt Owed To ECG Was Inherited, We Will Pay Outstanding Debt – Electrochem

  • China Pledges Support For Ghana’s Debt Treatment

  • More Thai Companies Come On Board For Rice Project As They Sign MoU With Jospong Group

  • Agric Minister Woos Rice Investors In Thailand To Ghana

  • KFC In Good Standing With ECG - Management Assures Customers

  • CEO Of Quick Angels Richard Quaye Gifts 10 Entrepreneurs With Free Seed Capital On His Birthday

  • Vodafone Cash And Mobile Money Limited Partner To Enable Merchant Interoperability

  • MobileMoney Limited And Vodafone Ghana Partner To Enable Merchant Interoperability

  • Huawei’s FinTech 2.0 To Support Ghana’s Mobile Money, Deepen Financial Inclusion

  • Vodafone Cash Leads The Charge For Digital Financial Inclusion In Ghana

 

 
 

Popular Videos

The President Would Have Appointed His Wife As The EC Chair If He Had The Chance- Fuseini Donkor

Peace Power Sports (27/3/2023)

Kokrokoo Discussion Segment On Peace 104.3 FM (28/3/2023)

Akan News @ 6am On Peace 104.3 FM(26/3/2023)

The Biggest Economic Challenge In Ghana Is Hypocrisy- Fmr Afram Plains DCE

Kokrokoo Live On Peace 104.3 FM (27/3/2023)

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
Live 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
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

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