GCB pensioners fear they would die and leave their money

A leader of the Ghana Commercial Bank Pensioners Association, Mr. Seth Duncan has lamented that some members of the association, had to agree to receive their monies either in bulk or by monthly payments because of the fear of dying and leaving the money behind.
Mr. Duncan said most of the members are aging and have therefore decided to accept their pensions based on the use of internal mechanisms used in paying retired personnel. Mr. Duncan was testifying at an Accra Fast Track High Court. The Ghana Commercial Bank has filed an appeal against the Ghana Commercial Bank Pensioners Association, seeking to annul the previous ruling that compels the bank to pay pensioners over 100 billion cedis.
On Friday, March 18, 2005, the Former Managing Director of the Ghana Commercial Bank, Mr. Bray who was subpoenaed to testify at the Fast Track High Court appeared. He said he had a contract with the bank from 1999 to 2001 and did not take an extension, but proceeded to Ghana Airways as the Acting Chief Executive Officer.
He said the issue between the bank and the pensioners association has been a long outstanding one, as the pensioners are requesting for pensions based on current existing salary structure, but at the time the pensioners left office that structure was non-existent.
He said the bank felt that if their request should be granted it would be unfair. Mr. Bray said he was aware that the case ended in court but he was not in office at that time. He said he ever held discussions with the former solicitor of the bank, Mr. Norvor, who submitted to judgment, but then it was an internal matter.
He said he recollects that the former solicitor submitted to judgment based on the salary of pensioners. He said he agrees to the fact that the solicitor said he acted on instructions, because the solicitors’ understanding was that it would be based on 70% and not the existing one.
The next to appear to testify on the same day was a former Director of Administration of the Ghana Commercial Bank, Mr. Kingsley Abraham Benneh.
When asked whether he performed any duty in relation to the dispute on March 17, 1997 he said he was aware of the dispute between the bank and the pensioners association. So he signed for the out of court settlement with the understanding that the bank would pay the pension of 70 percent of the basic salary and not the consolidate one. The case was adjourned to Tuesday, March 22, 2005.