BoG takeover of Beige Bank was sad but it is a good move – MP

BoG takeover of Beige Bank was sad but it is a good move – MP

- The MP for Upper Denkyira West, Benjamin Aryeh, has congratulated the Central Bank for its decision to merge 5 banks to form the Consolidated Bank of Ghana

- According to him, the loss of jobs of 400 people is regrettable, but the decision was in Ghana's interest

- On August 1, 2018, the Bank of Ghana announced the merger of 5 banks to form the Consolidated Bank

The Member of Parliament for Upper Denkyira West, Benjamin Aryeh, has jumped to the defense of the Bank of Ghana (BoG), with regard to the forced merger of the Beige Bank.

Speaking on Adom TV’s Badwam on Monday, August 27, 2018, Hon. Aryeh stated that it is unfortunate 400 workers lost their jobs.

He however added that the merger was in the best interest of Ghana, and for that reason, it was a good move.

A man wearing wearing a suit

Benjamin Aryeh, MP for Upper Denkyira West

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“It’s sad that the workers will lose their jobs but looking at the bigger picture, as a nation we are better off,” he said.

About 400 workers, most of who are micro banking staffs, are set to lose their jobs after Beige Bank ceased to exist.

The workers were primarily tasked with the job of collecting deposits of a majority of Beige Banks’ customers who are in the informal sector.

The workers, who comprise of tellers as well as field service operations staff, were given a two-week window to clear themselves and give account for all company assets in their possession.

The two-week period will span from Monday, August 27 to Friday, September 7, 2018.

The MP stated that though the workers would have to leave, the customers’ monies have not been affected by the collapse, because the government made sure that the monies are secured, unlike banks’ collapses.

He added that he wasn’t surprised at the workers being laid off because the banks were already laying them off before the collapse.

Beige Bank was one of the financial institutions affected by a BoG decision with respect to a merger of five banks to form the Consolidated Bank of Ghana.

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Source: Yen.com.gh

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