Reasons GCB Bank Cannot Pay Salary | Trouble for government workers

Reasons GCB Bank Cannot Pay Salary | Trouble for government workers

The worst news for the year has hit the government of Ghana’s workers as at today, 28th February 2023. Government of Ghana workers who receive their salaries through GCB Bank LTD. are yet to be credited their salaries in their bank accounts with the bank. Interestingly, workers who receive their salaries through community and rural banks have received their salaries. To mock the situation in certain quarters, even private banks in the country have credited government workers with their salaries. There are many rumours and speculations about why GCB Bank cannot pay salary for government workers. Our team have, however, collated various reasons given by GCB Bank LTD, which has the majority of its shares owned by the government.

First of all, the bank tried to calm the nerves of workers who tried to find the reason for the delayed salary payments after many banks had paid days ahead. The default message given to the government workers as at yesterday 27th February 2023 is “please salaries are being processed and you will be notified once the process is completed”.

At another point in time, the default message from the GCB Bank LTD changed to “you will be paid tomorrow”. This later default message could only suggest the bank was confident of its ability to resolve any challenge that they had. However, after mid-day today, government workers are yet to receive their salaries in their account.

It is worth noting that the workers who are yet to receive their salaries are more confused due to the fact their colleagues have received their salaries through other banks. The fact that fellow workers who received their salaries through other banks had taken their salaries made affected workers who are yet to receive their salary unable to tell whether the issue is more general at the government side or at bank level.

To compound the confusion of affected workers, GCB Bank LTD has sent out a default message to affected workers which puts the challenge the bank is facing in an indefinite condition. The bank wrote “we have experienced some challenges processing payments and our team is working along with your employer to correct the identified anomaly, your account will be credited immediately after it is resolved.”

The new default suggests the bank is trying to take itself out of the banks’ inability to pay government workers’ salaries. Even if not completely, the bank might want to absolve itself partially from the issue at hand. This is the reason we believe the current challenge of GCB Bank LTD’s inability to credit workers with their salaries may be due to the following reasons apart from the default messages the bank gave out.

Suggested reasons

1. One of the suspected reasons GCB Bank LTD could not pay workers salaries may be due to hacking of the banks’ systems. Especially when they could not credit workers account, there is probability that part of the bank’s system is compromised

2. System failure at the bank is a high probability. Banking has moved from manual bookkeeping to digital architecture. As usual, any digital platform could break down either totally or partially. Unfortunately, it is very possible that some systems or parts of a system can take days to resolve whenever any challenge arises. If system failure is the root cause of the latest challenge at the bank, then the system must be restored and tested before it becomes fully operational.

See also: GCB Bank To Credit Customers Accounts With Gh50 This Month Ending [Find out why and how]

3. Also, the government’s inability to release funds for salary payment could be another reason the bank could not credit workers with their salaries. Even though other banks are able to credit workers’ accounts, it is possible they did so with their own funds pending their release by the government. The other banks could easily advance salary payments since the deal with relatively less number of government workers. GCB Bank LTD has arguably the largest number of government workers due to the history of the banking sector. It is therefore also highly possible the bank is unable to advance salary payments. An inability of the bank to advance the salary would mean the government is completely broke, which may not be news due to the economic mess the country finds itself.

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