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Ensure fair treatment of UT, Capital Bank stakeholders – Psychologists

The Ghana Psychological Association (GPA) has expressed concerns over the revocation of banking licenses of UT/Capital Banks by the Bank of Ghana.

In a full text of a four-paged document signed by Mr Richmond Acquah-Coleman, the Public Relations Officer of the association, the psychologists expressed dissatisfaction at the processes leading to the Purchase and Assumption (P & A) of the two banks and the responses of the key actors in the takeover process.

They also commended the BoG for that bold step taken to safeguard the life savings of customers of these two banks and also to build investor/international confidence.

According to them, ”a fair and balanced treatment of employees and customers of UT and Capital Bank will adequately offset the creation of psycho-social problems while we work towards finding solutions to financial problems on hand”.

The GPA is also urging the management of GCB bank to provide outplacement services such as stress management and skill development training to employees who will eventually lose their jobs. Besides, other forms of outplacement services must be provided to workers who will eventually survive the takeover.

Given the current circumstance, the group observed that, job loss is imminent and as such requires that important steps are taken to mitigate the foreseeable negative outcomes.

Job loss, according to the psychologists, is negatively associated with mental health and positively related to anxiety, hostility, anger, and largely depression whiles in some cases, displaced workers are confronted with embarrassing experiences and tend to evaluate themselves in negative terms.

”Studies indicate that job loss leads to some behavioral responses such as increased alcohol use and abuse as well as smoking.Socially, job loss is not an individual issue, but a household and societal concern, affecting spouses and families leading to diminished social support, less relationship satisfaction and the deterioration of parent-child relationships”.

To this end, the association has prescribed that management of GCB bank provide outplacement services such as stress management and skill development training to employees who will eventually lose their jobs.

”As a country, it’s about time we begin to think of providing unemployment insurance as well as psychological insurance benefits to displaced workers to reduce the financial and psychosocial burdens of losing one’s job”.

They charged all stakeholders involved to take appropriate actions to ensure confidence and security of service in the banking industry and the economy as a whole.

The association however advised all affected person(s) who is/are presently experiencing crisis as a result of the takeover process, to seek support and help from qualified mental health practitioners such as licensed psychologists and counsellors.



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