PETITION TO THE PRESIDENT OF THE REPUBLIC OF GHANA FROM FORMER STAFF OF

DEFUNCT CAPITAL BANK AND UT BANK

HIS EXCELLENCY NANA ADDO DANKWA AKUFO-ADDO

PRESIDENT OF THE REPUBLIC OF GHANA

JUBILEE HOUSE

Dear President Akufo-Addo,

IN THE NAME OF THE ALMIGHTY GOD

We, the former employees of defunct Capital Bank and UT Bank numbering about 1200
humbly petition your High Office as follows:

Your Excellency, on the 14th of August, 2017, we the staff of the aforementioned banks
were hit with the shocking and devastating news that in line with section 123 of the
Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), Bank of Ghana had
revoked the licenses of our respective Banks due to severe impairment of capital and
appointed Messrs Vish Ashiagbor and Eric Nana Nipah both Directors of
PricewaterhouseCoopers (Ghana) Limited as Joint Receivers for the purpose of winding
down the affairs of the two Banks.

GCB Bank was authorized by Bank of Ghana to take over the management of the defunct
Banks under a Purchase and Assumption Agreement.

As a result of this action, the employees of Ex-Capital and Ex-UT Banks appointed the
Union of Commerce, Industry and Finance (UNICOF) on the 19th of September, 2017 to
negotiate an Exit Package on behalf of staff.

On the 13th of November, 2017 negotiations were held with the Joint Receiver and as per
the Joint Receivers’ letter dated 15th January, 2018, an agreement was reached with
UNICOF to pay all staff of these defunct Banks an Exit Package.

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OUR CONCERNS

Your Excellency, our concerns are as follows:

1. Payment of our Exit Packages

2. Payment for leave arrears
3. Waiver of staff loans
4. Review of laws governing liquidation

Your Excellency, it has been eight agonizing months since our banks were liquidated but
we have not received our exit packages. Many of us are jobless and the few who were
lucky to have been employed by GCB Bank are also worse off in terms of remuneration
since GCB perceives them more as a burden. It’s sad that many of us with several years
working experiences were employed on an entry level grade without recourse to our
previous working experiences.

Your Excellency, the liquidation of our respective banks has affected us socially,
psychologically, emotionally and financially. We are saddled with the albatross of
collapsing our banks in the eyes of societies in which we live when in reality we cannot be
faulted for any complicity. It is a very distressing situation.

Mr. President, our lives have changed for the worse and we are struggling on many
fronts. We are therefore humbly appealing to your High Office to intervene for our Exit
Pay to be paid as a matter of urgency. We believe that even though it may not be enough
to alleviate the psychological and social losses we are suffering it will help alleviate our
financial burdens.

Your Excellency, many of us had outstanding leave days and as per the Labour Act 2003,
sections 25 and 26, we are appealing for our outstanding leave to be computed and paid
for. During the negotiations with the Joint Receivers, they agreed that this is non-
negotiable but the Joint Receivers letter dated 15th January, 2018 was silent on it.

Your Excellency, during our period of engagement with our former banks, we were given
staff loans to meet various personal obligations. As per the basic rules governing credit,
our staff loans were taken for a specific tenure. However, these extraneous
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circumstances have contrived to truncate the tenure and also deprive us of our
livelihood. However, despite the unfortunate circumstances we find ourselves, the Joint
Receivers expect us to pay our loans in full.

Your Excellency, we are already suffering financially and we pray that you intervene for
these loans to be waived to give us some comfort.

Mr. President, we believe the actions by the Government and the Bank of Ghana to
protect depositors’ funds and to ensure that no customer deposit was affected is
fundamental to the success of Ghana’s Banking industry. We believe that any waver of
confidence in the industry by an already unbanked population can only spell doom for
the economy. However, we believe that one missing ingredient in this equation is the
plight of employees.

Your Excellency, liquidation is a very difficult period for employees, families and their
dependents so to keep them at the bottom of the asset distribution list is a bit unfair. It
takes forever for staff to be settled and some even lose their lives, family, and
relationships in the process. We are therefore using this opportunity to also appeal that
the laws governing liquidation be reviewed since it leaves employees very vulnerable.

Mr. President, we have come to you because we are a very vulnerable group up against
the might of powerful institutions. We are confident that we will find solace and favour in
your sight because you have spent a major part of your life fighting for the vulnerable
and the entrenchment of fundamental human rights in Ghana.

Your Excellency, we also have faith in you because of the many progressive policies you
have initiated since assuming the mantle of leadership and we are confident that our
petition will be addressed.

God bless you and God bless Ghana.

Thank you.

Signed for and on behalf of former workers of Capital Bank and UT Bank

1. Emmanuel Teye, Chairman of Former Staff of Capital Bank

Signature
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2. XXXXX, Chairman of Former Staff of UT Bank
Signature

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