Banking Sector Layoffs: Psychological cases on the rise – GPA worried

The Ghana Psychological Association (GPA), has observed with worry an increasing number of psychological cases following the ongoing layoffs, particularly in the banking sector.

Following the consolidation of five banks – Sovereign Bank, Royal Bank, The Beige Bank, Construction Bank, and Unibank – in the country, media reports suggest that over a thousand of bank employees are on the verge of losing their jobs.

The reports, according to the GPA, have caused an upsurge in the number of cases they receive, a situation they believed could have been averted if the psychological needs of the employees were considered before the consolidation process.

“The layoffs have been traumatising by their very sudden nature and outcomes could be catastrophic. Our professional members are inundated with distress calls. It appears that proper psychological care has not been given to the human side of the consolidation”, a statement signed by Public Relations Officer, Richmond Acquah-Coleman, noted.

The Association also noted “it is dissatisfied by the manner in which workers of the banks are losing their jobs”, though it “is not opposed to any intervention by the central bank to safeguard the fortunes of depositors and to sanitize the banking system”.

The GPA is, therefore, calling on the Bank of Ghana to demand transparency from the newly formed Consolidated Bank of Ghana in the processes leading to layoffs so as “to boost the morale of surviving workers”.

It is also calling on the management of the Consolidated Bank of Ghana “to provide outplacement services such as stress management and skills development to displaced employees to reduce the negative consequences of job loss”.

The GPA has also reiterated its readiness to collaborate with the Bank of Ghana and the Consolidated Bank of Ghana to cater for the psychological needs of all stakeholders affected by the consolidation.