GCB to cut workforce by one-third

Accra, April 10, GNA - Ghana Commercial Bank (GCB) is to cut down on the size of its staff by about one-third this year as part of efforts to restructure the bank for efficient management of resources.

Mr William Panford Bray, Managing Director of the Bank, who announced this in Accra on Monday at a meeting organised by the Ghana Stock Exchange (GSE), said the bank hopes to reduce its staff of 3,201 by 1,000 by the close of the year.

The meeting, which is the third in a series, has so far hosted SSB Bank and Standard Chartered Bank. It is to afford the media, brokers and analysts of the stock market the opportunity to interact with managers of listed equities.

Explaining the rational for the decision, Mr Bray said: "we have been sleeping for too long but this is the time for us to take measures that will sustain the improvements recorded by the bank in 1999.

"Management will face the wrath of workers if we cut down on the size of the staff but there is no other option." Mr Bray compared GCB to some foreign-owned commercial banks saying, "they have about 500 to 600 workforce and have recorded excellent performance due to heavy reliance on information technology for transaction."

"We are capable of doing what they are doing but all that we need is the resources for the proper size of work force." The Managing Director said the workers' union is in agreement and is negotiating with management on the issue.