The Ghana Association of Savings & Loans Companies (GHASALC) has advised the Receiver of the collapsed Savings and Loans companies and Finance Houses to be more decisive with how he handles employees of the affected institutions.
Tweneboah Koduah, the GHASALC Executive Secretary, urged the Receiver, Eric Nipah of PriceWaterhouseCoopers, not to “delay in giving contracts to the current employees you want to use.”
Speaking on Citi TV‘s The Point of View, Mr. Koduah was not happy with the delays in handling employees of 347 microfinance companies whose licenses were revoked by the Bank of Ghana in May 2019.
“My checks indicated that about 90 percent of the employees from the microfinance level have not received their appointment… You have used people for more than two months without contract. That is a breach.”
In the case of the employees of the collapsed Savings and Loans firms, he suggested that the Receiver provide clarity on the status of affected employees by the close of this week.
GHASALC has already estimated that about 2,000 employees of the 15 Savings and Loans Companies whose licenses were revoked may lose their jobs.
“For confidence to come out, the people you think you don’t want to use, lay them off. Let them know what is due to them. The people you want to use, by the close of this week… give them appointments.”
Some of the affected companies include GN Savings and Loans Ltd, Ideal Finance Ltd, Unicredit Savings and Loans Ltd, Global Access Savings and Loans Company Ltd, Accent Financial Services Ltd, Midland Savings and Loans Company Ltd, First Allied Savings and Loans Co. Ltd.