The Bank of Ghana (BoG) has reversed its earlier decision to terminate nearly 100 employees recruited in December 2024, following heightened public scrutiny and internal deliberations.
The initial move, described by the central bank as a standard post-probation review, is now drawing questions about the basis for the layoffs.
Sources close to the development confirmed to Joy Business that the affected staff have been informed that their contracts will no longer be terminated as earlier communicated.
The sources say the decision was taken at a board meeting held this week, and that the affected staff have been asked to resume work next week.
While the Bank has not officially explained the reversal, internal sources indicate both internal and external pressures may have contributed to the decision.
Earlier, the BoG had justified the terminations as the outcome of a thorough assessment conducted by its Human Resource and Capacity Development Department.
The Bank cited “considered performance outcomes, alignment with the Bank’s values, and the potential to contribute meaningfully to its strategic objectives” as grounds for not confirming the appointments.
According to that account, 97 individuals failed the probationary evaluation and received termination letters dated 19 June 2025, with effect from 23 June. The affected employees were granted one month’s salary in lieu of notice and instructed to return all institutional property.
The sudden reversal, however, has cast doubt on whether performance was the sole basis for the dismissals. Some insiders speculate the decision may have been driven by legal risks or image concerns, particularly as the recruitment occurred shortly after the 2024 general elections.
Commentators have also pointed to the central bank’s rising staff costs climbing from GH¢2.3 billion in 2023 to GH¢2.9 billion in 2024 as a possible motivating factor in the termination effort.
Despite reinstating the affected personnel, the BoG has not addressed whether another round of reviews will be carried out or what prompted the policy shift.
Stakeholders, including labour unions and governance analysts, have urged the central bank to improve transparency and consistency in its hiring and dismissal processes to avoid perceptions of political influence or administrative missteps.
At a news conference on Tuesday, June 24, the Minority in Parliament strongly condemned the mass dismissal, describing the action as unconstitutional, unlawful, and morally unacceptable, demanding that the staff should be reinstated.
