Public Agenda NewsPaperPublic Agenda NewsPaper
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Font ResizerAa
Public Agenda NewsPaperPublic Agenda NewsPaper
Font ResizerAa
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Search
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Follow US
Breaking NewsBusiness

Economic Crisis 8,000 Workers Going Home

Latifa Carlos
Last updated: September 10, 2018 4:26 pm
Latifa Carlos
Share
3 Min Read
SHARE

Three thousand workers in different media organizations in the country have over the past few weeks been laid off and additional 5,000 workers in different sectors of the economy are also on their way home due to serious liquidity challenges facing most of these businesses.

The mass layoffs come barely a month after the collapse of seven (7) indigenous banks in the country triggered over two thousand (2,000) job cuts and losses.

Already, it is estimated that millions of Ghanaians are without jobs, the majority being the youth and the present layoffs is said to compound an already bad situation.

More Read

Traditional Medicine Council Pushes for Stronger Standards and Integration
No region will be left behind in Big Push roads plan- President Mahama
Gov’t must take decisive steps to tackle galamsey – Acting CJ
GoldBod donates GH¢5m, five pickups to Lands Ministry for galamsey fight
2026 WCQ: Djiku’s strike seals win for Ghana over Mali to boost qualification chances

The new Consolidated Bank Ghana (CBG) is due to lay off 700 workers of the collapsed Beige Bank today. Letters communicating their dismissals have been dispatched to the workers.

Vodafone Ghana has also officially hinted o the dismissal of several thousands of its staff with the Oil Marketing Companies (OMGs) warning that 4,000 employees of the association are to be retrenched or laid off due to the prevailing economic climate in the country.

GN Media and TV Africa have also sacked over 500 of their employees citing restructuring exercise as basis for their actions.

EIB Network has also sacked 120 of its staff with many more on their way home. Plans to look into and publish its findings on the recent mass staff layoffs on the media front.

President of GIBA, Mr. Andre Danso-Ahinkora, said the Association was beginning talks with labour unions to get to the bottom of the lay-offs in the media.

“We will need to meet and find out and understand what is going on and put out a document,” he said.

Meanwhile, an Economist, Professor Peter Quartey, has said the media houses that are currently challenged were not set up as viable businesses.

According to him, there is a link between the media staff layoffs and the banking sector crisis.

“If the media outlets are not financially sustainable, they draw on these financial institutions in order to remain vibrant …and certainly once their source of funding dries up, they go down. But if they get a capital from their financier and you are independent and viable, I don’t see why if your financier goes down you should also go down; unless there are no good corporate governance structures in those media houses,” he said.

 

Source: The Insight

Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

Latest News

Eliminating Intra-African Trade Barriers no Longer Optional – AfCFTA Scribe
September 5, 2025
Judge reverses Trump administration’s cuts of billions of dollars to Harvard University
September 4, 2025
I’ll hold you to the June 2026 deadline – Mahama to Ofankor–Nsawam road contractor
September 3, 2025
Draft report on review of Constitution to be ready by October – CRC
September 3, 2025
GRNMA apologises to Health Minister over attacks
September 3, 2025
Shadows of Empire: The CIA, Kwame Nkrumah, and the Struggle for Ghanaian Sovereignty
September 3, 2025
Empowering Rural Women through environmental justice: GAGGA grantees convene in Accra
September 3, 2025

You Might Also Like

Breaking NewsDevelopment Agendatop stories

Birim North District Unveils Medium -Term Development Plan and More…

September 2, 2025
Breaking NewsGeneral Newstop stories

Chief Justice Getrude Torkornoo removed

September 1, 2025
Breaking NewsDevelopment Agendatop stories

ABANTU Engages Unsuccessful Women Parliamentary Candidates to Strengthen Political Participation in Ghana

August 28, 2025
Breaking Newstop storiesWorld News

Pakistan unveils 7-point plan for Gaza peace at OIC summit

August 26, 2025

About Us

Public Agenda is fou­nded and owned by Pu­blic Agenda Communic­ations.

Public Agenda was founded as a public interest Me­dia entity. Its Visi­on is to contribute to building a well-i­nformed society where accurate informati­on dissemination is the cornerstone of a democratic, just and equitable society.

Its mission is to inform, guide and bui­ld responsible citiz­enship and accountab­le decision making and strive for excell­ence in the media in­dustry. Public Agenda Communications is managed by a Board of Directors.

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?