Tullow Plc to lay off workers; over 25% workforce could be affected
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Tullow Plc to lay off workers; over 25% workforce could be affected

- The recent challenges Tullow Oil Plc is facing could lead to job cuts

- About 25% of the total workforce in Ghana could lose their jobs this year

- It is highly possible that 35% of top management staff are also expected to be affected

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Information reaching YEN.com.gh indicates that the recent challenges Tullow Oil Plc is facing could lead to job cuts.

According to a report sighted on Ghanaweb as reported by Classfmonline, about 25% of the total workforce in Ghana could lose their jobs this year.

In the same line, it is highly possible that 35% of top management staff would be affected.

Sources say the move is part of a restructuring policy, due to the challenges the company faced in 2019.

READ ALSO: Ghana has to be careful of excessive borrowing - World Bank warns

Tullow’s value dropped by 30% in 2019, triggering the probability of reducing its workforce in order to stay in business and remain competitive.

This follows a decline in its shares by 60% in December 2019, due to announcement by its CEO, Paul McDade and Exploration Director, Angus McCoss that they had quit the firm.

More than £1.05 billion was wiped off Tullow’s market value, leaving the company reeling, valued at £801.7m.

The company is yet to announce a new CEO after the resignation of Paul McDade.

In Ghana, Tullow Oil operates the country’s Jubilee and TEN fields. It is presently trading at GHS11.94 per share on the Ghana Stock Exchange.

READ ALSO: Missing excavators: We have started retrieving them - Operation Vanguard taskforce

In other news, the Government has released a whopping GHC10 million as payment of compensation to owners of critical structures along the lines where the project is taking place.

The Pokuase Interchange project which is being carried out in the Ga West Municipality of the Greater Accra Region is expected to help ease traffic along that stretch with almost always is in a gridlock.

The Resident Engineer of Associated Consultants Limited, Kwabena Bempong, who disclosed this to the Daily Graphic, said the company received the final 75 percent of the money in December 2019 after the initial release of GH¢2.5 million.

READ ALSO: Pokuase interchange: Government releases GHC10m to compensate property owners

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Source: Yen

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