NSS to repost personnel deployed to collapsed financial institutions

The National Service Scheme (NSS) has assured to repost personnel who were deployed to some financial institutions which had their licenses revoked recently.

Speaking to Citi News, the Executive Director of the National Service Scheme, Mustapha Ussif called on personnel who used to work with these affected institutions to contact the Scheme to be reposted.

“This has come up and we know some of them were posted to the microfinances. We didn’t predict that they will collapse so they requested for service personnel and we posted them. Now that they are no more, they [affected servicer personnel] should just contact our head office or regional office and we will deploy them. We still have institutions putting in requests so we still have spaces available so we will be able to place them,” he said.

Over 77,000 service personnel deployed in 2019

The official postings for tertiary graduates to various private and public institutions were released in July 2019.

A total of 77,962 personnel were posted to several institutions nationwide.

Out of the number, 66,348 were deployed to the public sector, representing 85.1 % of the total posting.

The private sector received 11,614 service personnel, representing 14.9% of the total figure.

Some 6,000  were also deployed to support the Agric sector including Planting for Food and Jobs Policy.

2,000 personnel were deployed to support the introduction of the entrepreneurship programme in poultry production with a focus on all the value chains in poultry production.

Background on financial sector clean-up

The financial sector clean-up, started in August 2017 led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions over issues of maintaining the minimum capital requirement.

The most recent has to do with the Securities and Exchange Commission (SEC) revoking the licenses of some 53 Fund Management Companies.

The fund management companies who have lost their licenses were said to be managing a customer base of about 56,000 whose funds run in excess of GH¢8 billion out of the total GHc25 billion of the entire securities sector.

SEC also explained that the revocation is “in accordance with its mandate of protecting investors and the integrity of the capital market.”