PRESS RELEASE

[FOR IMMEDIATE RELEASE]

JOINT STATEMENT BY FORMER WORKERS OF EX-CAPITAL BANK AND EX-UT BANK

CORPORATE AND INSTUTIONAL MIGHT VERSUS EMPLOYEE VULNERABILITY – THE CASE OF EX-UT
BANK AND CAPITAL BANK WORKERS

On the 14th of August, 2017 we the former workers of the defunct UT and Capital Banks were hit
with the shocking news that in line with section 123 of the Banks and Specialized Dep osit-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 UNICOF to
negotiate an Exit Package on behalf of staff. 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.

As per the Pensions Act 2008 (Act 766), Ghana operates a three tiered pension scheme.

Tier 1 is made up of a mandatory monthly contribution of 13.5% of basic salary managed by SSNIT.
Tier 2 is a mandatory contribution of 5% basic salary managed by a licensed Fund Manager. Tier 3 is
an optional contribution also managed by licensed Fund Managers. Under Tier 3, ex-Capital Bank
had two voluntary contributions termed as Provident Fund (PF) and End of Service Benefits (ESB).

It has been seven months since our banks were put under receivership but we have not been paid
our Exit Package. To aggravate our plight, it is shocking that majority of the former workers of
defunct Capital Bank, especially those who were not absorbed by GCB Bank and are currently
unemployed have not been paid their Provident Fund (PF), and End of Service Benefit (ESB) under
the Tier 3 Pension scheme.

We will like to re-iterate for the records that the PF and ESB were funds contributed from our own
salaries on monthly basis.

As a result, we will like to take advantage to respond to the comment of the Receiver; Vish
Ashiagbor – Country Senior Partner for PricewaterhouseCoopers (PwC) on Citibusinessnews.com
dated April 12, 2018 that our PF’s and ESB’s have not been paid because we pledged them against
staff loans.

We the former staff of Ex-Capital Bank would like to put it on record that, we have not signed any
such pledged form, neither was such a clause embedded in any loan offer letter to staff.

While the Purchase and Assumption Transaction was conducted to ensure that no single customer
lost his or her deposit, the plight of the staff whose lives and livelihood were turned upside down
overnight is deemed surplus to requirements. It seems that our financial, social and psychological
well-being is irrelevant in the scheme of things and we have been left worse off through no fault of
ours.

We believe that the public and relevant stakeholders will attest to the fact that we have been silent
and patient for the past seven months with the hope that the relevant stakeholders would seek our
supreme interest and give us our due to enable us cater for ourselves and our families.

We would like to emphasize that apart from the obvious financial loss and its attendant difficulties,
we have suffered emotional losses, social losses and psychological losses due to the major
embarrassment we have endured among our friends, families, societies in which we live and among
our peers in other banks. Till date, we still have to answer questions and it feels that we are forever
tagged with the stigma of collapsing our banks when in reality we cannot be faulted for any
complicity.

The banking industry is a very stressful environment and an integral part of Ghana’s economy and
we believe that despite the many years of our lives we have invested in the industry, we have just
been thrown to the wolves with no one to speak for us.

Therefore, we will respectfully like to draw the attention of Government, Bank of Ghana, Parliament
and relevant stakeholders that it seems the laws governing liquidation deserves a critical rethink
because the current status leaves employees very vulnerable and dispensable. It’s basically a case of
Institutional might versus employee vulnerability.

We will therefore like to make a personal appeal to;

1. The President of the Republic of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo;

2. The Vice President of Ghana, His Excellency Alhaji Mahmoud Bawumia;

3. The Honorable Minister of Finance; Ken Ofori-Atta;

4. Governor of the Bank of Ghana, Dr. Phillip Addison;

5. Joint Receivers;
 6. And other relevant stakeholders;

To intervene and ensure that our entitlements are paid to us.

Though it may not be enough to alleviate the psychological and social losses we have suffered, it will
help alleviate our financial burdens.

……………………………End ……………………………..

For more information or interview opportunities, please e-mail: excapitalut@gmail.com or contact

spokespersons of former workers of Ex-Capital Bank and UT Bank:

Phillip Yawson

Tel: 024-4986466

Francis Banson

Tel: 020-1916118

Stephen Ernest Aning

Tel: 024-4701938

Emmanuel Barnoh

Tel: 024-6576230

Raymond Addai-Danquah

Tel: 024-4622703