Graphic Business News

ICU urges govt to help stop panic withdrawals in banks

By: Vincent Amenuveve, Bolgatanga
Mr Solomon Kotei —  General Secretary, ICU
Mr Solomon Kotei — General Secretary, ICU

THE Deputy General Secretary in charge of Operations at the Industrial and Commercial Workers’ Union(ICU),Ghana, Mr Morgan Ayawine, has urgently entreated the government to address the recent panic withdrawals in the banking sector.
He also urged the government  to revamp factories abandoned in the country over the years.
He noted that such a measure would ultimately ensure that the country's desire to attain economic independence was achieved.

Mr Ayawine was addressing members of the ICU during its Upper East Regional Council General Meeting in Bolgatanga on November 20.The meeting afforded members of the union the opportunity to interact with the deputy general secretary and to find ways of addressing some of the challenges facing members.
He observed that “currently the developments in the banking and financial services sector must be handled with care because we cannot down play the crucial role banks and financial institutions play in the socio-economic development of the country, particularly as we move out of the International Monetary Fund bailout”.
Mr Ayawine further intimated that it was good news that Ghana was no more going to subject itself to IMF conditionalities and loans, therefore, “we need to be careful not to do anything that would collapse the banking and financial sector which would be needed most at this stage of our economic advancement”.
He cautioned that if the country’s desire was to attain economic independence then there was no need to introduce measures that would create a “Tsunami situation” for people to do panic withdrawals of their investments from the very banks that are helping the government to attain economic independence.

Flagship programmes
Mr Ayawine equally advised the government to ensure that its flagship projects such as the one-district, one-factory, one-village one-dam and one-constituency one-million dollars does not remain a rhetoric because their successful implementation would help in arresting the unemployment situation which has become the number one and notorious enemy of the country.
He further explained that in the Upper East Region for instance, there was the Pwalugu Tomato Factory, the Zuarungu Meat proccessing Factory, the agricultural stations namely the Soba and Bazua, Binduri, Naga and Pusi-Namoo animal husbandries and stations among others that have been abandoned for many years.
“Undoubtedly, if all of these factories and agric stations were refurbished and put into operation, they would create a lot of employment opportunities for the teeming unemployed youth of this region and would stop the drift of the youth to the major cities in search of non-existent jobs,” he noted.

The Upper East Regional Industrial Relations Officer of the ICU, Mr Rudolph Agamu indicated that the region had been peaceful at the Industrial front except for the current challenges within the banking and financial sector.
According to him, the region was able to carry out activities such as visitations to local branches and handling of grievances.
He further stated that the new organisations identified are the Edern Security Services, the Premier Lodge Hotel and the Akayet Hotel.

Open forum
During an open forum, some of the members appealed to the leadership of the ICU to intervene in the current challenges facing the banking and financial sector so that the affected ICU members were treated fairly including paying them appropriate compensations to enable them to resettle their respective families. — GB