Exposed: Why Ghana’s Central Bank Did a Shock U-Turn on Firing 97 Staff Weeks After Hiring Them

• BoG Reverses Mass Firings – Cancels termination of 97 staff hired post-2024 elections after public scrutiny.

• Performance Claims Questioned – Sudden U-turn casts doubt on original “probation failure” justification.

• Political Timing Suspected – Recruits’ hiring near elections fuels speculation over non-merit factors.

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Central Bank Backtracks on Staff Dismissals Amid Public Scrutiny

Ghana’s central bank has unexpectedly overturned its plan to dismiss nearly 100 employees hired in late 2024, following intense public debate and internal deliberations.

The initial termination decision – described by bank officials as standard probation assessments – now faces growing skepticism after this sudden reversal. Reliable sources confirm the previously affected workers have received official notices canceling their impending job cuts.

This abrupt policy shift leaves unanswered questions about the validity of the original justification, casting doubt on the bank’s human resource protocols. The reversal comes amid heightened examination of the institution’s staffing decisions and their potential impact on financial sector stability.

Central Bank Reinstates Staff After Board Intervention

Insiders reveal the reversal resulted from this week’s board deliberations, with affected employees instructed to return to work immediately. Though the Bank of Ghana remains officially silent, multiple sources attribute the U-turn to mounting internal and external pressures.

This development contradicts the bank’s initial stance, which framed the dismissals as merit-based decisions following HR evaluations. Officials had previously emphasized staff performance, cultural fit, and strategic contribution as key factors in the termination process – criteria now under renewed scrutiny given the sudden reinstatements.

The about-face leaves lingering questions about evaluation transparency at the financial regulator, particularly regarding how previously failing employees now meet institutional standards. Banking sector analysts suggest the episode may prompt reviews of probation policies across Ghana’s financial institutions.

Probation Rejections Overturned Amid Suspicion

Official records show 97 probationary staff received dismissal notices on June 19, effective June 23, with standard severance terms including one-month pay and equipment returns. Yet this week’s reinstatement order undermines the bank’s original performance-based justification, fueling speculation about ulterior motives.

Multiple insiders now suggest electoral timing may have played a role, as most affected hires joined shortly after the 2024 polls. The abrupt policy reversal raises legitimate questions about whether legal vulnerabilities or public image concerns – rather than pure meritocracy – ultimately drove the decision.

This seesawing of personnel decisions has exposed potential fault lines in the bank’s hiring oversight, with critics noting the incongruity between “failed” evaluations and sudden reinstatements. The situation highlights growing tensions between institutional HR protocols and political-economic realities in Ghana’s financial governance.

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