Prime News Ghana

Consolidated Bank to layoff some workers after 60-days

By Hagar Ofosua
Consolidated Bank

Some employees of the newly created Consolidated Bank Ghana Limited may soon lose their jobs in 60 days.

This comes on the back of a notice served them by the Managemeent of the Consolidated Bank Ghana Ltd. The letter noted that they will be on probation for two months after which they will be assessed on whether they will continue to be in employment with the Consolidated Bank Ghana Ltd.

Read Also: EOCO begins investigations into the collapse of 5 banks

The letter, written by the CEO of the bank Daniel Addo read;

“Dear Employee. CONSOLIDATED BANK GHANA LIMITED we wish to welcome you to the Consolidated Bank Ghana Limited.

“As you are aware the Bank of Ghana has withdrawn the operating license of your Bank and the Consolidated Bank Ghana Ltd. has assumed the assets and liabilities of the Bank.

“The purpose of this letter is to inform you that you will be working with the new Bank for a period of 60 days for certain during which time it will be possible for your employment status to be assessed.

“Based on this assessment, a determination will be made as to whether you will continue to be in employment with the Consolidated Bank Ghana Ltd. Kindly be reminded that you will still operate from your current workplace,” the letter concluded.

BoG on Wednesday, August 1, 2018, collapsed five banks and merged them into what the BoG called 'Consolidated Bank Ghana Limited.

 According to the Bank of Ghana, the reason for the merger includes liquidity challenges, the inability of the said banks to meet the Ghc400 million minimum Capital requirement, and the fact that some of these banks obtained their licenses under false pretenses and with nonexistent capital.

Ghana News: Latest news in Ghana

Read Also: BREAKING: BoG collapses 5 banks into Consolidated Bank Ghana Ltd