A former Power Minister Dr. Kwabena Donkor has accused the Bank of Ghana (BoG) of promoting the foreign banks over their local conterparts due to their actions in recent times.

He explained that recent actions and utterances of the BoG seem to have eluded public confidence in the local banks to the advantage of their foreign counterpart.

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“The Ghanaian worker deserves more respect and dignity than we are seeing now.  This whole thing is over infested with self-interest from the BoG.  From the way the BoG is going about things, I think they are promoting Foreign Businesses rather than ours.  I will encourage the Trades Union to go to court. I will call on the President to ensure that the plight of 1000s of indigenous citizens have their rights respected.”

His comment comes after the BoG merged 5 local banks into the Consolidated Bank Ghana Limited because they had serious liquidity and management issues.

Weeks after the merger, reports suggest that the Consolidated Bank will from today Monday, August 27, 2018, begin the process of laying off some 700 workers of the now-defunct Beige Bank.

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A memo from management to departmental heads last week said: “Notify them of the clearance procedure which includes reconciliation of their portfolios and submission of their assets to the HR office.”

“Customers will be informed to avoid dealing with Field Bankers effective immediately and should visit the branches over the next 2 weeks ending 7 September 2018 for reconciliation of their passbooks.”

“Each branch has Two working weeks, effective Monday, August 27, 2018, to reconcile all customer passbooks.”