In a surprising turn of events, the Bank of Ghana (BoG) has reversed its earlier decision to terminate the appointments of nearly 100 personnel recruited in December 2024, following growing public attention and internal discussions.
The decision, which had initially been justified by the Central Bank as a routine post-probation review, is now shrouded in uncertainty, with the latest move raising questions about the original grounds for the layoffs.
Sources close to the development confirmed to Joy Business that the affected staff have been informed that their contracts will no longer be terminated as earlier communicated.
The sources say the decision was taken at a board meeting held this week, and that the affected staff have been asked to resume work next week,
While the bank is yet to issue an official statement explaining the reversal, internal sources say pressure from within and outside the institution may have influenced the change in course.
Earlier, the BoG had defended its action, saying the termination followed a rigorous evaluation process conducted by the Human Resource and Capacity Development Department. The bank cited “considered performance outcomes, alignment with the Bank’s values, and the potential to contribute meaningfully to its strategic objectives” as criteria for non-confirmation.
According to that account, 97 individuals did not pass the probationary assessment and were issued termination letters dated 19 June 2025, with an effective termination date of 23 June. The affected recruits were entitled to one month’s salary in lieu of notice and asked to return all institutional property.
However, this latest reversal casts doubt on whether the original termination decision was entirely performance-based. Some insiders suggest the move may have been influenced by legal concerns or reputational risks, especially given the sensitive timing of the recruitments—most of which occurred just after the 2024 general elections.
Observers have also pointed to the Bank’s escalating personnel costs, which rose from GH¢2.3 billion in 2023 to GH¢2.9 billion in 2024, as a possible background motive for the exercise, aimed at tightening staff numbers amid financial pressure.
Despite the reversal, the BoG has not publicly clarified what triggered the change or whether the reinstated staff will be subjected to another round of performance review.
Stakeholders, including labour groups and governance experts, have called on the Central Bank to ensure greater transparency and consistency in its employment practices to avoid the appearance of political interference or managerial lapses.
At a news conference on Tuesday, June 24, the Minority in Parliament strongly condemned the mass dismissal, describing the action as unconstitutional, unlawful, and morally unacceptable, demanding that the staff should be reinstated.
source: My Joy Online
