Business News of Wed, 12 Sep 20181

Bank collapse: CBG to maintain ‘sizable number’ of employees - Employment Ministry

The Ministry of Employment has announced that as part of the Consolidated Bank of Ghana’s (CBG) integration and rationalisation process, the bank will maintain a sizeable number of workers of the defunct banks.

Bank of Ghana (BoG) in August this year merged The Royal Bank, The BIEGE bank, Sovereign Bank, Construction Bank and Unibank to form Consolidated bank of Ghana.

This decision of BoG comes after the failure of the five banks to meet the GHS400 Million minimum capital requirement.

Announcing the merger, BoG's governor Dr. Ernest Addison noted that the merger forms part of the Central Bank’s financial sector streamline plan.

A statement signed by the Minister for employment, Ignatius Baffour Awuah, indicated that the Ministry met with the relevant stakeholders to discuss issues affecting workers of the defunct banks.

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According to the statement, the five defunct banks were bankrupt hence the BOG’s decision to assume the assets and liabilities of these banks.

According to the statement, there will be other engagements between the receiver and the Unions to collectively address the issues to be tabled for discussions.



The government has, however, assured the general public that it will continue to monitor outcomes of the engagement between the receivers and the relevant stakeholders as well as the unions to ensure amicable resolutions of the issues affecting the workers.

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