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CBG Sacks 300 Heritage Bank Staff


Over 300 workers of defunct Heritage Bank have been asked to go home. The workers were given the marching orders today, February 28.

Management of CBG which was asked by the Bank of Ghana to assume ownership of the bank after its license was revoked has collapsed all the branches of the bank leaving only two.

Speaking to Starr News ranking member for committee on employment and social welfare Dr. Kwabena Donkor said the decision by the Central Bank to revoke the License of the bank was bizarre.

He is therefore demanding compensation of the affected workers to be made available to them immediately.


Heritage Bank Limited (Heritage) was incorporated on 31 January 2014 and was licensed by the Bank of Ghana as a universal bank on 4 October 2016. The promoters/shareholders of the bank were specified as Mr. Seidu Agongo, Ms. Fatima Adamu, Sarago Limited, and Mr. Sylvanus Kotey who together purportedly met the minimum paid-up capital of GHC 120 million.

As part of its efforts to clean up the banking sector, the Bank of Ghana has recently examined the affairs of Heritage and discovered a number of anomalies relating to its licensing, the sources of its capital, and related party transactions.

The Bank of Ghana has consequently revoked the licence of Heritage Bank. Under section 16 (1) (a) (7) and (8) of Act 930, the Bank of Ghana may revoke a licence and appoint a receiver under section 123 of the Act where it is satisfied that an applicant provided false, misleading or inaccurate information in connection with the application for a licence or suppressed material information, and may in cases of emergency, or in the public interest revoke the licence of the bank without notice. Further, sections 9 and 12 of Act 930 authorise the Bank of Ghana to revoke a licence if it considers that significant shareholders of a bank are not suitable.


Source; starrfmonline

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