Panic Withdrawals: Chamber of Commerce Warns Against Imminent Job losses If…

Dr Ernest Addison is BoG Governer

The Chamber of Commerce is warning of an imminent job loss crisis if the government does not provide incentives for the private sector to soak in the spillovers of the bank crisis which has cost over 2000 jobs.

President of the chamber, Nana Appiagyei Dankawoso I, has argued that even though the move by the regulator to ensure sanity is justified, the problem of job losses must be addressed.

“The Chamber calls on the government to create incentives for other sectors of the economy to expand in order to curtail the unemployment spillovers that will emanate from the job losses,” he admonished.

Meanwhile, Chairman of Groupe Nduom, Dr Papa Kwesi Nduom who has also embarked on a nationwide campaign in a desperate attempt to prevent his bank from collapsing made a passionate appeal to traders who form a greater percentage of his client base to have confidence in the financial sector.

In a related development, the Joint Receivers of collapsed UT and Capital banks, PricewaterhouseCoopers (PwC), has disclosed that it has recovered fifteen percent (15%) of the total loan stock of the two banks.

A statement on the progress of work done over the last one year said that the receivers are pursuing legal action against defaulters of loans of the two banks and will prosecute where necessary.

The Receivers say the greatest value of the banks’ assets which is the loan stock, constitutes approximately 70% of the total assets of GHC3.9billion of the banks.

The total loan stock of the two banks amounted to GHC 2.7billion as at the receivership date. According to the receivers, they have realized over GHC 400million through their sale and recovery efforts.

The creditor base of the two banks includes the Bank of Ghana, depositors, Development Finance Institutions, employees and trade suppliers of the two banks.

The receivers say they have made a request for creditors to submit their claims and proofs of debt for validation.


Source: Ghana/