Tuesday, September 4, 2018

Bank Bust: Over 2000 Security Men Lose Jobs

9:04:00 AM

Over 2000 security men working for the five defunct indigenous banks have been laid off, as part of restructuring process of Consolidated Bank Ghana (CBG).

The security men who were under ACS security services limited were fired after management of the bank revoked the contract of the security firm.

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.

A document by Consolidated Bank Ghana Limited revealed that Vizico Security Company Limited has now been engaged for that same purpose.

On 20 March 2018, government announced the takeover of uniBank due largely to liquidity challenges.

Announcing the takeover, the Governor of the BoG, Dr Ernest Addison, said uniBank was insolvent.

The licences of the other banks were also revoked on grounds that some of them used suspicious information in setting themselves up, while others were insolvent.

The Government of Ghana is spending in excess of GHS8 billion in rescuing the defunct banks.

Finance Minister Ken Ofori-Atta said recently that the actions of the BoG saved over 50,000 jobs.

By Ghana Leaks Blog

Written by

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