The board of GCB Bank PLC is under intense scrutiny following revelations that each of the 12 board members received a hefty travel allowance of $33,000 (GH¢479,000) for an overseas training program, according to a report by The Herald Newspaper.
The total amount allocated for this purpose reached $396,000 (GH¢5,757,840), excluding additional expenses such as first-class airfare and the actual training costs, which have been criticized as “questionable” by insiders within the state-owned financial institution.
The training program, dubbed “The Complete Board Directors Programme,” was organized by Inter Africa Consulting Group. Some board members traveled to the United States, while others went to South Africa. The allowances covered significant sums for accommodation, per diem, and travel days.
An internal memo, which was leaked and subsequently investigated by The Herald, detailed the payments. The memo, signed by Nana Kwabena Yeboah, head of HR, and Alexander Yeboah, Manager of Compensation and Rewards, revealed that Alhaji Alhassan Yakubu, a Non-Executive Director who traveled to South Africa, received:
– $12,000 for accommodation ($1,000 per day for 12 nights)
– $18,000 as per diem ($1,500 per day for 12 days)
– $3,000 for two additional travel days ($1,500 per day)
The list of board members who received these allowances includes several prominent individuals:
1. Kofi Adomakoh, Managing Director
2. Dr. Stephen Amoah, Deputy Minister for Finance and NPP Member of Parliament for Nhyiaeso Constituency
3. Emmanuel Odartey Lamptey, Deputy Managing Director in charge of Operations
4. Socrates Afram, Deputy Managing Director in charge of Finance
5. Nana Ama Ayensua Saara III, Omanhemaa of the Denkyira Traditional Area
6. Alhaji Alhassan Yakubu, Non-Executive Director
7. Francis Arthur-Collins, Non-Executive Director
8. Ray Ankrah, Deputy Chief Executive of the Ghana Cocoa Board (COCOBOD)
9. Osmani Aludiba Ayuba
10. Lydia Essah
11. Daniel Kwaku Tweneboah Asirifi of the law firm Akuffo-Addo, Prempeh & Co.
12. Samuel Kwame Yedu Aidoo, Executive Director of Wholesale and Investment Banking at GCB Bank PLC
The investigative report by The Herald has sparked significant concerns about the financial management within GCB Bank PLC. The substantial travel allowances and the nature of the expenses have raised questions about the justification and transparency of such expenditures in a state-owned institution.
The memo, dated May 23, 2024, specifically informed Yakubu about the training program in Johannesburg, South Africa, and detailed his emoluments for the trip, contributing to the broader investigation into these financial practices.
This revelation has prompted calls for greater oversight and accountability within GCB Bank PLC, emphasizing the need for transparency in the management of public funds.
