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Business News of Thursday, 23 April 2020


Coronavirus: Workers investments locked-up in failed banks will be worst hit – ICU

Solomon Kotei, ICU Secretary Solomon Kotei, ICU Secretary

The General Secretary of the Industrial and Commercial Workers Union (ICU), Mr Solomon Kotei, has noted that although all Ghanaians are being affected by the COVID-19 outbreak and its effects on the economy, workers who have their investments locked-up in the failed banks during the banking sector cleanup organized by the Bank of Ghana, have been the most hit.

He however, asked all Ghanaians to be inventive at this period of the coronavirus outbreak in order to survive the effect of the pandemic on the economy.

He noted that these are not ordinary times to be doing the normal things to make ends meet, therefore, workers must think outside the box and do the extra ordinary to keep body and soul together.

Mr Kotei explained on Citi TV Wednesday April 22 that the pandemic has had a monumental effect on all sectors of the economy therefore all hands must be brought on deck to find a way out.

“The effect of the COVID-19 on the ordinary worker is so severe because here we are in our working sector, we are unable to make savings. So what has happened is that nobody is having any buffer stock anywhere to go and lay his hands on,” he told Bernard Avle on the Point of View.

He further stated : “Then again, coupled with the cleansing of the banking sector where the investments of some of these workers have been made are also not readily available in their hands.

“They don’t have anywhere to turn to and this is what we saw at the period of the lockdown.

“The situation that is on hands now, we are only trying to give hope to every Ghanaian worker that it is not over yet, there is a way out and that way out depends on who the individuals are, how to get some innovations and try new things.

“I have said that if we want to go the normal ways we have done then I am afraid it is going to get long.”