In a surprising reversal, the Bank of Ghana (BoG) has rescinded its decision to terminate the appointments of nearly 100 employees who were recruited in December 2024. The U-turn follows internal discussions and mounting public scrutiny.
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Sources within the Central Bank confirmed to Joy Business that the affected staff have been notified of the reversal and asked to resume work next week. The decision, insiders say, was reached during a recent board meeting.
Original Dismissals Sparked Controversy
On June 19, 2025, the BoG issued termination letters to 97 probationary staff, citing unsatisfactory performance. The dismissals were to take effect from June 23. The Bank said the decision followed a performance review conducted by its Human Resource and Capacity Development Department.
According to the Bank at the time, the assessments were based on the employees’ alignment with BoG’s values, performance metrics, and strategic fit. Terminated staff were offered one month’s salary instead of notice and instructed to return all Bank property.
Reversal Raises More Questions
However, the reversal has cast doubt on the initial justification for the layoffs. Some sources suggest legal concerns and reputational risk, especially around the politically sensitive timing of the 2024 post-election recruitments, may have influenced the change in direction.
Labour experts and governance advocates have questioned whether performance was the true basis for the terminations. Others point to cost-cutting motives, noting the Bank’s personnel expenses increased significantly, from GH¢2.3 billion in 2023 to GH¢2.9 billion in 2024.
Calls for Transparency
The Minority in Parliament also weighed in, describing the terminations as unconstitutional and unjustified, and calling for immediate reinstatement. At a press briefing on June 24, they condemned the decision as politically motivated and legally flawed.
Meanwhile, observers are urging the BoG to issue a formal statement clarifying the reason behind the reversal and to ensure future HR actions align with best practices and legal standards.
