The Bank of Ghana (BoG) has rescinded its decision to terminate the appointments of nearly 100 staff recruited in December 2024, following mounting public pressure and internal deliberations.

Initially, the central bank had defended the terminations—issued to 97 individuals—as the outcome of a standard post-probation review based on performance, alignment with institutional values, and strategic contribution. However, insiders now confirm that a BoG board meeting held this week overturned the move, and affected personnel have been asked to resume work next week.

The Bank is yet to issue an official statement clarifying its decision. Nonetheless, internal sources cite external pressure, potential legal risks, and reputational concerns as contributing factors—particularly given the politically sensitive timing of the recruitment, which followed Ghana’s 2024 elections.

The Minority in Parliament weighed in, condemning the terminations as “unconstitutional and morally unacceptable,” and demanded full reinstatement of the affected staff.

Some observers have linked the initial move to rising personnel costs, which surged from GH¢2.3 billion in 2023 to GH¢2.9 billion in 2024, suggesting the bank may be navigating internal cost-cutting pressures.

Others have called for transparency, urging BoG to ensure consistency and avoid perceptions of political interference.