After internal deliberations and mounting public pressure, the Bank of Ghana (BoG) has unexpectedly reversed its decision to terminate the employment of approximately 100 staff members hired in December 2024.
Uncertainty now surrounds the initial move, which the Central Bank had previously defended as a routine post-probation assessment. This reversal calls into question the earlier justifications for the layoffs.
The affected employees have been informed that their contracts will no longer be terminated as initially announced, according to a report by myjoyonline.com.
Sources say the decision was made during a board meeting held this week, and the affected employees have been asked to report back to work next week.
Internal sources suggest that pressure from both within and outside the institution may have influenced the change in course.
The BoG had earlier justified the terminations, stating that they followed a thorough assessment conducted by the Department of Human Resources and Capacity Development.
The bank cited “considered performance outcomes, alignment with the Bank’s values, and the potential to contribute meaningfully to its strategic objectives” as the criteria for non-confirmation.
That account indicated that 97 individuals received termination letters dated June 19, 2025, with an effective termination date of June 23. In addition to being instructed to return all institutional property, the affected employees were offered one month’s salary in lieu of notice.
This latest reversal, however, raises questions about whether the initial termination decision was truly based on performance. Given the sensitive timing of the recruitments—most of which occurred shortly after the 2024 general elections—some insiders speculate that legal or reputational concerns may have played a role in the U-turn.
KA
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