Beige Bank lays off 500 workers in what the bank says is part of restructuring

Beige Bank lays off 500 workers in what the bank says is part of restructuring

- It was only a year ago that the Bank of Ghana registered Beige Capital as a bank

- There are some expctations that the numbers of laid off workers might rise to about 1000 by the end of December 2018

A young but promising Ghanaian owned bank, Biege Bank, are reported to have laid off 500 workers since the beginning of June, 2018. This is according to The Finder Newspaper.

According to the report, the mass dismissal is a result of a forced need to restructure the company. The expectation, according to the newspaper is that a few more would be laid off before the end of the year.

Some have put the expected number to hover around 1000 before the end of 2018 fiscal year.

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The report indicated that in some defence of their action, officials of the company said it was the first time they have been forced to lay off workers on a big scale. For about 10 years, Beige operated as a savings and loans firm.

Beuge Bank lays of 500 workers

Officials of Beige Bank claim this is the first time in 10 years that workers have been laid off o a large scale. Photo credit: Getty Images

Currently, the bank has also suspended plans to expand the the company into other parts of the country. There are about 20 branches in the Greater Accra Region alone.

The reports also point out that savings have dropped massively at the bank. This has made investment difficult.

Currently, there are 10 Ghanaian owned-banks that are struggling to stay within the Bank of Ghana's (BoG) GHc 400 million capital requirement bracket.

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Beige Bank which used to be Beige Capital, was only registered as a bank by the BoG in June of 2017.

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