Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their licenses were revoked. According to persons familiar with the operations with fund management companies, typically a branch would engage on average 25 people made up of accountants, credit and compliance officers, IT officers, security personnel, drivers, cleaners among others. In some situations, some of these fund management companies have at least a branch plus its head office. According to conservative estimates, the number of job losses resulting from the BoG’s clean-up exercise could be around 6,000 direct jobs. Subsequently, seven banks — Unibank, Construction Bank, Sovereign Bank, The Royal Bank, Premium Bank, Heritage Bank and Beige Bank — were merged to the Consolidated Bank.

Source: GhanaWeb November 11, 2019 08:17 UTC