Former workers of the defunct UT and Capital Banks have made an appeal to the central bank to ensure that their exit package, as agreed between UNICOF and the Receiver (PwC), is paid.

The Bank of Ghana revoked the two banks’ licences due to severe impairment of capital on August 14, 2017, and appointed Messrs Vish Ashiagbor and Eric Nana Nipah – both Directors of PwC – as Joint Receivers for the purpose of winding-down the two banks' affairs.

GCB Bank was then authorised by the Bank of Ghana to take over management of the defunct banks under a Purchase and Assumption Agreement.

A joint statement by former workers of ex-Capital Bank and ex-UT bank copied to the B&FT said: “As a result of this action, the ex-employees of Capital and UT Banks appointed UNICOF to negotiate an Exit Package on behalf of staff. As per the Joint Receivers’ letter dated 15th January, 2018, an agreement was reached with UNICOF to pay all staff of these defunct banks an Exit Package”.

The statement added: “As per the Pensions Act 2008 (Act 766), Ghana operates a three-tier pension scheme. Tier 1 is made up of a mandatory monthly contribution of 13.5% of basic salary managed by SSNIT. Tier 2 is a mandatory contribution of 5% basic salary managed by a licenced Fund Manager. Tier 3 is an optional contribution, also managed by licenced Fund Managers.  Under Tier 3, former-Capital Bank had two voluntary contributions termed Provident Fund (PF) and End of Service Benefits (ESB)”.

The workers further indicate that have not pledged their PF and or ESB against staff loans. “It has been seven months since our banks were put under receivership, but we have not been paid our Exit Package. To aggravate our plight, it is shocking that the majority of defunct Capital Bank’s former workers – especially those who were not absorbed by GCB Bank and are currently unemployed – have not been paid their Provident Fund (PF) and End of Service Benefit (ESB) under the Tier 3 Pension scheme.

“We would like to reiterate for the record that the PF and ESB were funds contributed from our own salaries on monthly basis. We, the former staff of defunct Capital Bank, would like to put it on record that we have not signed any such pledged form; neither was such a clause embedded in any loan offer letter to staff.”

B&FT contacted PwC for a response to the issues raised, but the accounting and auditing firm is yet to reply after more than a week.