In a dramatic policy reversal, the Bank of Ghana (BoG) has rescinded its earlier decision to terminate the appointments of nearly 100 employees who were recruited in December 2024, following intense internal deliberations and growing public scrutiny.

The central bank had initially justified the mass termination as the outcome of a routine post-probation assessment.

However, the abrupt reversal has cast doubt on the initial reasons given for the layoffs and raised questions about the transparency of the process.

Sources close to the matter confirmed to Joy Business that the affected personnel have now been informed that their contracts will no longer be terminated.

According to insiders, the decision was reached at a recent board meeting, after which the employees were directed to resume work next week.

Although the BoG is yet to issue an official statement explaining the U-turn, internal sources suggest that pressure from both within the institution and external stakeholders may have played a role in the decision.

Some observers believe reputational risks and potential legal challenges also influenced the change in course.

Initially, the central bank had defended the termination letters issued to 97 individuals, which were dated June 19, 2025, and set to take effect on June 23.

The BoG said the move followed a thorough probation review led by its Human Resource and Capacity Development Department.

The bank had cited poor performance, lack of alignment with institutional values, and concerns about long-term contributions to its strategic objectives as the basis for the terminations.

Affected staff were to receive one month’s salary in lieu of notice and were asked to return all institutional assets.

However, the sudden reversal has sparked speculation that the original move may not have been solely performance-related. Some insiders suggest the dismissals may have triggered internal resistance, particularly given the politically sensitive timing of the appointments, which were made shortly after the 2024 general elections.

As of now, the Bank of Ghana has not publicly clarified its final position on the matter, but the reinstatement of the affected employees suggests a significant rethink of its earlier stance.