Business News of Tuesday, 30 October 2018
Source: primenewsghana.com
2018-10-30
Staff struggle to cope: former UT, Capital Bank
Some former staff of collapsed UT and Capital Bank are asking for support be able to cope.
According to the group, a lot of the workers are yet to recover from the shock they suffered when the banks they worked for, were taken over by the GCB Bank more than a year ago.
About 1,200 workers of both UT and Capital Bank had their contracts terminated after the BoG withdrew the licenses of the two banks.
The former workers are however yet to receive their exit pay, and the group have said the situation is having an emotional and financial toll on them.
Phillip Yawson, who spoke to Citi News on behalf of the ex-workers, said “given the current conditions we find ourselves in this country; you are even working and it’s not easy, and then you being in the house, your sources have been cut as a result of your bank coming down. This is not your fault and this is not something anybody had imagined or planned for.”
“It just came out of the blue. One day you go to work and it is just like, go home. Your bank is no more. Your source of livelihood is no more” he added.
UT Bank and Capital Bank were taken over by GCB, because of the inability of the two banks to turn around their negative capital adequacy position.
The former staff have also consistently appealed to President Akufo-Addo and the Governor of the Bank of Ghana, Dr. Ernest Addison to intervene to ensure that their entitlements as former workers are paid.
They have complained that lamented that life has become unbearable for them in the past year as most of them continue to struggle to pay their rents, utility bills among other expenses.