July 19, 2024

Contrary to campaign promises by the Akufo Addo/Dr Bawumia campaign in 2016 to better a supposedly collapsed economy, Ghanaians are rather waking up each day to the news of distress conditions for various companies including banks operating in the economy.

At the last count under the current Government, about 17 major cases and over 15,000 direct jobs have been lost as a result of the situations of distress to the companies.

It saddens Ghanaians that the collapsed entities and the consequential job losses are under the very eyes of the Vice President who promised to avert it.

It would be recalled that Dr Bawumia at a public lecture prior to the 2016 elections claimed he was aware some local banks were having liquidity challenges and that given political power, NPP will set up a financial stability council to stabilize the struggling financial sector. What has happened? Much more turmoil than the current government came to meet.

In reiterating the promise at the NPP 2016 Manifesto launch, Dr Bawumia said the NPP’s Manifesto themed “CHANGE: AGENDA FOR JOBS” was indicative of the party’s preparedness to create massive jobs.

The turn of event including inability on the part of the Akufo Addo/Dr Bawumia regime to honor its promise culminating into the collapse of companies, job losses, hardship – rising cost of dollar, food commodity, rent and transportation have left the ordinary Ghanaian struggling to survive as others wondered where Dr Bawumia’s economic prowess had vanished to.

Included are UT/Capital; 1200, Vodafone; 2,000, Consolidated Bank Ghana [CBG]; 2000 Security men, Mine workers; 1,500, Beige; 800, Rider Steel; 400, Uber; 200 etc

Below is the full list of the companies and the staff numbers;

  1. Mass dismissals hit Nduom’s GN Media as company struggles for survival https://mynewsgh.com/mass-dismissals-hit-nduoms-gn-media-as-company-struggles-for-survival/
  2. Bank Bust: 2K CBG security men lose jobs https://www.classfmonline.com/1.11809884#bank-bust-2k-cbg-security-men-lose-jobs
  3. Troubled BXC lays off 200 workers by September


  1. TV3 lays off 100 workers https://www.ghanaweb.com/GhanaHomePage/NewsArchive/TV3-lays-off-100-workers-567993
  2. Consolidated Bank offloads 1,700 workers https://www.myjoyonline.com/business/2018/august-28th/consolidated-bank-offloads-1700-workers.php
  1. Goldfields to lay off 1,500 workers


  1. Massive Dismissals Hit EIB Network; 100 Staff To Be Laid Off http://www.peacefmonline.com/pages/business/news/201806/355627.php
  2. Beige Bank sacks over 500 staff https://www.ghanaweb.com/GhanaHomePage/business/Beige-Bank-sacks-over-500-staff-669215
  3. Staff of defunct Capital, UT banks petition Akufo-Addo over severance pay https://www.myjoyonline.com/business/2018/June-27th/staff-of-defunct-capital-ut-banks-petition-akufo-addo-over-severance-pay.php
  4. Local banks reduce staff to meet GHS 400m minimum capital https://businessghana.com/site/news/business/168748/Local-banks-reduce-staff-to-meet-GHS-400m-minimum-capital
  5. 200 Uber drivers in Ghana suffered job losses https://www.myjoyonline.com/news/2018/April-12th/200-under-age-uber-drivers-sacked.php
  6. Tema : 400 Staff Of Rider Steel To Lose Jobs https://starrfmonline.com/2017/03/09/tema-400-staff-rider-steel-lose-jobs/
  7. Government will lay off public service workers – Senior Minister https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Government-will-lay-off-public-service-workers-Senior-Minister
  8. Microfinance companies in distress; customers hunt for directors for cash https://www.graphic.com.gh/news/general-news/microfinance-companies-in-distress-customers-hunt-for-directors-for-cash.html
  9. Vodafone Lays Off 2000 Workers                 https://theheraldghana.com/vodafone-massively-lays-off-workers/
  10. Panic withdrawals threatening Consolidated Bank Ghana survival https://www.ghanamma.com/2018/08/29/panic-withdrawals-threatening-consolidated-bank-ghana-survival-collins-amankwah/
  11. Some local banks hit by panic withdrawals https://www.myjoyonline.com/business/2018/August-13th/some-local-banks-hit-by-panic-withdrawals.php



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