Dozens of workers are likely to lose their jobs following the collapse of UT and Capital Bank.
The Bank of Ghana on Monday, 14th August, 2017 revoked the licenses of the two banks giving the approval to GCB Bank Ltd to acquire them because they had severe capital impairment.
According to the Central bank, they selected GCB bank over three others because of its competitive edge on the basis of “purchase price, cost of funding and acquiring bank’s capital adequacy ratio.”
The Central Bank has also hinted at the possibility of job losses following the takeover.
GCB bank Ltd also says they cannot take all the workers of the two banks.
The Managing Director of GCB Bank, Raymond Sowah, says they will retain some staff based on the job skills the employees have.
“We shall conduct a skills assessment as part of integration process; we need to know whether we can bring everyone onboard or not. This is an expanded institution and as we go through the integration we should know what jobs to close down and what jobs to retain,” he added.
Speaking to the issue during a panel discussion on Peace FM morning show ‘kokrokoo’, Bernard Allotey Jacobs, Central Regional Chairman of the National Democratic Congress (NDC) said he feels sorry for the workers.
“I wasn’t surprised this morning to read that GCB says they will not be able to take all the workers. This is just what we are worried about… I am crying for the staff of UT bank because about 2/3 (two-thirds) will be sacked”
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