The fate of staff of five banks collapsed by the Bank of Ghana to form the new Consolidated Bank Ghana (CBG) Limited, will be decided after 60 days, Joy News has learned.

Chief Executive Officer and Managing Director, Daniel W. Addo in an August 1 letter, informed the staff of the folded banks who have been absorbed into the newly created CBG that, their performance will be assessed after 60 days following which their employment status will be decided.

“The purpose of this letter is to inform you that you will be working with the new Bank for a period of 60 days for certain during which time it will be possible for your employment status to be assessed,” the letter read in part.

It continued: “Based on this assessment, a determination will be made as to whether you will continue to be in employment with the Consolidated Bank Ghana Ltd.”

The affected financial institutions; UniBank, Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank Limited, had their operating licenses revoked after experiencing liquidity challenges, the central bank announced on August 1, 2018.

BoG subsequently appointed Nii Amanor Dodoo as the Receiver over the affected banks’ assets and liabilities. Deposits and selected assets and liabilities of these banks have been acquired and assumed by a new bank – Consolidated Bank Ghana Limited.

According to BoG, all staff of these banks will become staff of Consolidated Bank but Boards of Directors and shareholders of these banks will no longer have any roles.

Read: Gov't establishes Consolidated Bank Ghana Ltd - What you should know

The Trades Union Congress (TUC) has expressed fears that the development could result in job losses in the banking sector.

“We welcome the establishment of the Consolidated Bank. The Consolidated Bank gives us the confidence that depositors’ funds are safe. Any loss of funds will considerably damage the confidence in the banking sector which can have very serious consequences for the entire economy,” TUC General Secretary, Yaw Baah, said in a press statement.

It appears the TUC's fears have been confirmed as there is the possibility that some employees of the collapsed banks currently working with the new CBG, could lose their jobs if they fail the assessment after two months.