The Dean of University of Cape Coast Business School, Professor John Gatsi has advised ex-employees of GN Bank to seek redress in court.
According to Prof. Gatsi, it will be difficult for the Bank of Ghana to restore the licences of all the 9 banks that had their licences revoked during the 2017-2019 banking clean-up exercise.
Therefore, the 300 ex-employees of GN Bank who are pleading with President Akufo-Addo to restore GN Bank’s licence should go to court.
“The workers should seek justice in the court and if the court says the licences should be returned, then that will be returned with all the benefits surrounding it.”
Speaking on TV3’s Ghana Tonight program, Professor Gatsi added that, if the Bank of Ghana ever decides to restore the licences, it will have to come with a compensation.
“I wonder how the Bank of Ghana can restore the licences of such banks, especially that of GN Bank, if BOG decides to do that, it will need to come with a compensation and that can only come from the court. But as it is now, I am not sure it will be done. But I am sure that will be done one day and very soon,” he stated.
Professor Gatsi added that the Bank of Ghana was not fair in revoking the licences of the 9 domestic banks.
“The decision was not sound. The harm the decision caused is so huge, it rendered a lot of people who were comfortable to below the poverty line.” he asserted.
Prof Gatsi described the BOG’s actions as very catastrophic and it will cost the country in the near future.
Over 300 ex- employees of GN Bank in a press conference have petitioned the president of the republic of Ghana, Nana Addo Dankwah Akuffo -Addo to restore the licence of GN Bank because they are currently jobless.
By Clara Boadi Konadu