Senior staffs of the Bank of Ghana across the country are hoisting red flags at the various premises in anticipation of a strike action next week if management maintains its position not to negotiate a wage opener with them.

The senior staff and union at a marathon meeting in Accra last Tuesday bared their teeth and have since Wednesday decided to spot red bands for a week before they finally advise themselves.

Reliable BoG sources have explained their action in management's refusal to negotiate with senior staff and the Union over the wage opener despite the issuance of a bargaining certificate by the Labour Commission.

Management has reportedly sent a circular to the effect that, due to the magnitude of work regarding the redenomination exercise, it will not be part of negotiations. It however indicated that it did not object to the senior staff and the union meeting coming out with terms of negotiations for consideration by management.

The senior staff is agitating for 40% pay rise in conformity with other institutions but management insists on only 10% against the endorsement of the Labour Commission.

Sources have identified management side and that of the senior staff association and the union on the other as the two factions emerging at BoG over the issue.

The senior staff is being accused of attempting to sabotage the redenomination exercise because it will not agree to give the management the mandate to negotiate on their behalf.

Meanwhile, the Bureau of National Investigations has launched investigations into alleged attempts by the two factions to sabotage the redenomination exercise slated to begin July 1, 2007.

Officials of the BoG have already been quizzed.