Perpetrators of banking crisis will be punished - Nana Addo

Perpetrators of banking crisis will be punished - Nana Addo

President of the republic, Nana Addo Dankwa Akufo-Addo has stated his intention of ensuring that all persons linked to the banking crisis are prosecuted.

Delivering a speech at the 80th Anniversary celebration of the Presbyterian Senior High School in Accra, stated that he remains committed to ensuring that the banking crisis will never happen again.

“I can assure the Ghanaian people that those responsible for the sequence of activities that led to the ‘banking crisis’ will face the full brunt of the law if they are found to have broken the law,” he stated.

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President Akufo Addo has further stated how troubled he has been for thousands of workers across the country affected by the crisis.

“It is not right that the overwhelming majority of ordinary Ghanaians should pay for the actions of a greedy few, without sanction,” he noted.

So far, close to 2000 security personnel of all collapsed local banks have lost their jobs.

This follows a report from which show that these officers under ACS Security Services Limited were sacked last Friday, August 31, 2018, after managers of Consolidated Bank Ghana (CBG) revoked the contract of the security company.

"In the case of the defunct Beige Bank, ACS Security Services Limited deployed 4 security guards to each of the over 90 branches with two operating in the day and the others for night and swap simultaneously," the portal further reported.

Meanwhile, the new bank has rather employed the services of Vizico Security Company Limited as the new service provider.

The trend of layoffs in recent times

The third quarter of 2018 has seen massive layoffs especially in the private sector. has gathered that major firms, especially media establishments, are either slashing down salaries of workers or laying them off completely.

BXC Company layoffs

Already, management of energy supply firm, BXC Company says at least 200 workers of the company will be sacked in the coming days.

The human resource manager of the company, Anastasia Ankrah, has explained that the massive layoffs is because of the distribution system lose reduction agreement by state-owned power distributor Electricity Company of Ghana (ECG) under the concession arrangement.

“So basically out of the 600 workers, 400 workers have been laid off. The 200 that are left are still being paid but by September they’ll also be laid off. The reason being that the 400, no job presently for them to do. The 200 that are even left we have very few jobs on hand now to do, and they’re being paid till the end of September when we will terminate their employment based on the letter we received from the lawyers of ECG,” she revealed.

Vodafone layoffs

The Herald newspaper has claimed that management of Vodafone is issuing out dismissal letters to workers as it allegedly prepares to sell the telecom to yet another firm.

The Herald Newspaper claims the huge number of layoff, became necessary because they want the company’s balance sheets to look good to the potential buyers. The number of people going home it is said, constitute 40 percent of Vodafone’s total number of employees in the country.

EIB network has learned through close sources at EIB network that the salaries of workers and lead presenters have been slashed by half as the media company struggles to stay afloat its financial woes. Resignations have already started with the latest being the presenter for the morning show, Baisiwa Dowuona-Hammond.

TV Africa

All programs on TV Africa have been suspended effective Monday, September 3rd. This report, coming from Star FM, claims that the rebranded television station is struggling with its finances and also not able to pay salaries of workers. The owner of the business has told senior management members that he is unable to pay workers going forward.

This development has happened just two years ago after a private financial holding company, the Ideal Groupe, acquired a majority share in the TV station after 13 years of operation under the management of Kwaw Ansah.

GN Media has also learned that Dr. Papa Kwesi Nduom’s GN media a subsidiary of his Groupe Nduom, has laid off about 30 workers. A letter signed by the head of recruitment and selection at the GN media subsidiary thanked workers for their contribution to the company and also further offered them their one month salary in advance.

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Also, some persons who have been on their mandatory annual leave have been recalled and also issued with dismissals that have rocked the media company of the founding father of Progressive People’s Party (PPP).

Watch: Kofi Annan Farewell Ceremony: Ghana Says Goodbye to Kofi Annan - Ghana News Today |

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Source: Yen

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