Bank of Ghana to commence downsizing

The Bank of Ghana (BoG), on Tuesday announced the commencement of implementation of initiatives that would lead to its transformation into "a lean, more focused and responsive Central Bank".

A release issued and signed by Mr Kassim Yahya, Head of Public Affairs Unit, said there would, therefore, be a "consequential right-sizing of the Bank and the disengagement of staff".

"The approach to the right-sizing exercise is initially to make an attractive offer of a voluntary disengagement to all employees who wish to take advantage of the facility."

The release said the transformation programme under the theme, "Re-shape the future", would enhance efficiency and effectiveness in the operations of the Bank.

It said the disengagement of staff would be done in "a humane manner" adding, "The Bank is offering a generous and attractive early retirement package for staff that may wish to retire voluntarily."

The release said various transitional support and advisory services such as advice on funds management and investments and training would be provided for those whose applications would be accepted.

The Bank would ensure that the transformation was achieved with minimum interruption to its business and impact on staff, the release said.

"The recently-enacted The Bank of Ghana Act: 2002, Act 612 seeks to make the Central Bank more attuned to the current and changing business environment and more capable and adept in dealing with the requirements of the national economy in a global economic system.

"The Act requires the Bank to focus on the performance of its core functions of pursuing monetary and financial policies to ensure price and financial stability supportive of economic growth and the efficiency of the payments system."

The release said the bank is in consultation with all appropriate agencies and bodies to ensure the success of the process.