Consolidated Bank Ghana lays off over 2,000 workers, here’s why

The Consolidated Bank Ghana has said that it has had to lay off more than 2,000 workers of the collapsed Beige Bank, Royal Bank, Sovereign Bank, Construction Bank and Unibank Ghana Limited.

Consolidated Bank Ghana lays off over 2,000 workers, here’s why

The affected workers included both permanent and temporary staff.

The workers reportedly lost their jobs after a reemployment exercise carried out by the management of the Consolidated Bank Ghana.

The Managing Director of the bank, Daniel Addo disclosed the news after the launch of his outfit’s new tagline on Friday, June 21, 2019.

According to him, the decision to lay off the workers was crucial because of the high number of workers they inherited.

He said, “the truth is that we were overstaffed. So, management thought that we had to do re-employment which we started right after the bank was formed.”

He however assured that some affected workers could be employed when the bank gains its grounds.

The bank has for the first time paid out some GH¢2 billion to depositors, including microfinance and savings and loans companies.

The amount paid is from a bond cash it received from the Bank of Ghana.

The payment is expected to tackle liquidity challenges in the financial sector.

The bank is currently preparing to mark its first anniversary with the launch of the tag line, ‘We stand with you,” as the first activity for the month-long celebration.

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