Ghana: Financial Sector Layoffs Anticipated amidst Debts Restructuring
Banking sector workers to suffer layoffs amidst debts restructuring program by government of Ghana
Some banks and insurance companies in an unnamed location are laying off workers in anticipation of a difficult year for the financial services sector.
Reports by 3Business indicates two local banks have informed some staff that they will either be outsourced or laid off, and other banks have served notice to staff about impending job cuts as the boards look to reduce the workforce.
The downsizing is due to the domestic debt exchange program, which is expected to negatively impact banks, insurance companies, and asset management firms because they hold significant portions of government securities.
The domestic debt exchange is expected to further shrink income in many core business lines of financial service providers, making shareholders nervous about profitability in 2023.
The government forecasts growth to slow to 2.8% this year, which is one of its lowest in decades aside from the COVID-induced growth of 0.5% in 2020. Firms are already preparing for smaller returns in 2023 as government assets, which are a major source of interest income, will yield zero returns this year.
The job cuts have caused tension between management and staff unions, with national unions being invited to intervene.
[Source: 3Business]
3 Most Powerful Bible Verses Before Bedtime You don’t want to joke with READ MORE
10 Bible Verses to Pass Exams: God’s promise for students during exams SEE ALL HERE
2023 Best High Schools in Cincinnati Area: Locations and Facilities Available in each of them READ FULL TEXTS
Join any of the Groups
JOIN WHATSAPP GROUP HERE
TELEGRAM HERE
RECOMMENDED ARTICLES
