Over 1700 workers of defunct Beige Bank sacked

Over 1700 workers of defunct Beige Bank sacked

About 1,700 employees of the newly established Consolidated Bank Ghana (CBG) Limited will lose their jobs by the end of September this year.

The woes of workers at defunct Beige Bank may not be ending soon as about 1700 workers have been sacked by the new manager - Consolidated Bank of Ghana.

According to sources close to the CBG, the decision to sack these workers was part of a business rationalization programme of the new CBG to reduce its current operating cost of about GH¢60 million per month and ALSO reduce staff numbers by a minimum of 1,700.

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This is not all, YEN,com.gh has also gathered that all 190 branches of the collapsed Beige Bank will be reduced to 120 branches.

There are claims that the GH¢60 million is the estimated cost of salaries for all the 3,700 staff and the maintenance of all the 191 branches and outlets of the five banks that the CBG took over on August 1, this year.

The Bank of Ghana (BoG) announced the collapse of five local banks, Sovereign Bank, Construction Bank, Beige Bank, uniBank and Royal Bank. The CBG, which is 100% state-owned, was thus formed, with the assurance that it has enough resources to do business.

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On August 14, 2017, Capital Bank and UT Bank also suffered a similar fate and the BoG closed them down. GCB Bank inherited all the assets and liabilities of the two banks.

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Source: Yen

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