Coronavirus: Don’t cut jobs – Prof Quartey to banks

An economist, Professor Peter Quartey, has urged banks not to lay off workers following the effect of the coronavirus outbreak on the economy.

Cutting jobs at this time, he said will not be an ideal thing to do.

Speaking on TV 3’s Mid Day news Friday, March 27 in relation to what banks can do to support the economy during this time of the coronavirus outbreak, Professor Peter Quartey said: the “banks should not cut jobs. It will not the best thing to do at this time.”

The Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, further said, through their Corporate Social Responsibility (CSR) the banks can distribute face masks, and hand sanitizers to hospitals in the country to help fight the pandemic.

“The banks are part of society and therefore in times like these they can measure to ensure that the economy grows".

“The Bank of Ghana first took the initiative to reduce capital adequacy requirements to free resources so that the banks can lend at lower interest"

“But beyond this, the banks have Corporate Social Responsibility so the banks can support in providing sanitizers, nose masks and gloves and many other things including ventilators,” he said.

Ghana has recorded 136 infections of the pandemic.