Job Loss Scare As Consolidated Bank Serves Staff Letters

Dr Ernest Addison – BoG Governor

Some employees of the now consolidated banks are likely to lose their jobs in the coming days as a probation has been given out them by management.

The letter which welcomes the staff to their new employer also noted they will be assessed in the next 60 days after which their employment status will be affirmed.

“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“As you are aware the Bank of Ghana has withdrawn the operating license of your Bank and the Consolidated Bank Ghana Ltd..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 written by the CEO of the bank Daniel Addo to staff said.

The Bank of Ghana last week announced the amalgamation of uniBank and four other banks into a new brand name – Consolidated Bank – after they were found to be struggling with liquidity issues.

Announcing the consolidation of the banks, the governor of the Central Bank Ernest Addison said, “To help ensure that the banking sector maintains a strong indigenous presence, the government has established a new bank called Consolidated Bank Ghana Limited which will act as a bridge bank pursuant to section 127 (11) of Act 930, to assume some of the assets and liabilities of the five banks. The Government has capitalised the new bank in the amount of GH¢450 million and the Bank of Ghana has issued it with a universal banking licence with effect from 1st August 2018.”