Ex-employees of defunct UT and Capital Banks say they have taken note of the recovery of GH¢400 million from the sale of assets of the two defunct banks.
According to them, although the Joint Receivers admitted that the recovery would help in paying creditors and employees, they have not received their exit package after 14 months.

The ex-employees said information available to them indicates that total liabilities for staff was about GH¢40 million, which is just 10% of what had been recovered so far by the Joint Receivers.

“Our lives have been in jeopardy since our banks were liquidated, and we are therefore appealing to the authorities to intervene and see the ex-employees as a priority and pay their exit packages and other benefits considering their plight after the unexpected happened to their banks.

“The job market is already difficult and the current happenings in the banking industry have made it even tougher for us to get jobs in fields we feel most qualified for. Worse of all, those of us from defunct banks are suffering from the stigma of having worked for a defunct bank. Many of us with the intention of starting our own businesses do not also have the required capital.”

On 14th August, 2017, ex-employees of the defunct UT and Capital Banks were hit with the shocking news that in line with Section 123 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana (BoG) had revoked the licences of their respective banks due to severe impairment of capital.

BoG appointed Messrs Vish Ashiagbor and Eric Nana Nipah, both Directors of PricewaterhouseCoopers (Ghana) Limited as Joint Receivers for the purpose of winding down the operations of the two banks.

“As a result of the receivership, the Joint Receivers terminated the contracts of staff, numbering about 1,200. On the 19th of September, 2017 the employees engaged Union of Commerce, Industry and Finance (UNICOF) to negotiate an exit pay on our behalf.

“On the 13th of November, 2017 negotiations were held with the Joint Receivers, and as per the Joint Receivers’ letter dated 15th January, 2018, an exit pay was agreed for all ex-staff.

“Despite this agreement, we never received what was due us, necessitating a submission of a petition to the President, Nana Addo Dankwa Akufo- Addo on 20th of May, 2018. Sadly, we are yet to receive even an acknowledgement of the receipt of the petition.”