GCB dismisses 164 staff of defunct UT, Capital banks over secondary school results

Ray Sowah is the Managing Director of GCB Bank
  • The Bank of Ghana revoked the licenses of UT and Capital banks on August 14, 2017.
  • The Central Bank ordered GCB Bank to take over management of the defunct banks under a Purchase and Assumption Agreement.
  • Even though GCB has dismissed some staff members already, it has fired over 100 more over secondary school results.

The GCB Bank has fired some 164 staff of the defunct UT and Capital banks over their secondary school results.

The GCB Bank absolved UT and Capital banks in August 2017.

A former staff, Raymond Acquah told Accra-based Starr FM that GCB is sacking these people even though some of the affected personnel have proceeded to acquire masters degrees.

“Some of our colleagues were also absorbed by GCB and later given termination letters. It means they have been laid off twice. There are 164 of them affected by the action. The termination letters did not state the reasons why they were being dismissed. GCB mentioned some of our colleagues failed their exams.”

“We have asked GCB to publish the results of these staff who were laid off but they have not been able to do so as we speak. We want GCB to respond to our letters so we can know the way forward,” Raymond Acquah added.

According to him, the affected staffs may file a legal suit against their employer in order to seek justice.

The Bank of Ghana revoked the licenses of UT and Capital banks due to severe impairment of capital on August 14, 2017.

The Central Bank appointed Messrs Vish Ashiagbor and Eric Nana Nipah – both Directors of PwC – as Joint Receivers for the purpose of winding-down the two banks’ affairs.

GCB Bank was authorised by the Bank of Ghana to take over management of the defunct banks under a Purchase and Assumption Agreement.

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