12 GCB Bank Board Members grab $33,000 each

The Herald’s investigation into the extravagant payment of US$33,000, the equivalent of GH¢479, 000, as a travel allowance to Alhaji Alhassan Yakubu, a board member of GCB Bank PLC, has revealed significant financial waste within the state-owned financial institution.

Sources indicate that, Alhaji Alhassan Yakubu, is not the only recipient of this amount. Insiders put the travel allowance alone at a staggering GH¢5,757,840. This is minus first-class plane tickets and the costs of the overtraining paid to the institutions board members who chose to be trained.

All other members of the GCB Board, have received similar allowances and travelled abroad for training, raising concerns among insiders about the direct benefit to the bank, especially given that the board will be dissolved in a few months.

12 GCB Bank Board Members grab $33,000 each

There is skepticism about the legitimacy of the training, with some questioning whether it is merely a scheme by management and the board to squander funds without any real benefit to the state bank.

While some board members travelled to the United States, others, including Alhaji Alhassan Yakubu, went to South Africa, adding to the controversy surrounding the impact of the training, named “The Complete Board Directors Programme,” on GCB Bank PLC.

The colossal money was paid directly to Alhaji Alhassan Yakubu, allowing him to spend it as he chooses.

Insiders revealed to The Herald that each of the 12 board members received US$33,000, for this programme, totalling US$396,000, the equivalent of GH¢5, 757,840, excluding the cost of first-class plane tickets.

The cost of the supposed training is also borne by GCB Bank PLC, not from the US$33,000 given to the board members.

The $33,000 payment to Alhaji Alhassan Yakubu was detailed in an internal memo leaked from the bank’s Human Resources Department (HR), bearing the signatures of Nana Kwabena Yeboah, the head of HR, and Alexander Yeboah, Manager of Compensation & Rewards.

The leaked memo, dated Thursday, May 23, 2024, and addressed to Alhaji Alhassan Yakuku, read: “We advise your participation in the above-referenced programme being organized by Inter Africa Consulting Group in Johannesburg, South Africa from May 27 to June 7, 2024. The DMD, Finance is by a copy of this memorandum expected to pay you the following emoluments in respect of your travel.”

The breakdown of Alhaji Alhassan Yakubu’s US$33,000, includes US$12,000 for accommodation at US$1,000 per day for 12 nights.

There is no information on which hotel he would stay at from May 27 to June 7, 2024, meaning he could opt for a cheaper hotel and pocket the difference.

Additionally, Alhaji Alhassan Yakubu, receives US$18,000 as per diem at US$1,500 per day for his 12-day stay in South Africa, plus an extra US$3,000 at US$1,500 for two days described vaguely as “travelling days.” This implies he earns per diem while in transit long before arriving at his destination.

The GCB Bank PLC board comprises, Kofi Adomakoh, the Managing Director; Dr Stephen Amoah, Deputy Minister for Finance and Economic Planning and NPP Member of Parliament (MP) for Nhyiaeso Constituency; and Emmanuel Odartey Lamptey, Deputy Managing Director in charge of Operations.

Other board members include, Socrates Afram, Deputy Managing Director in charge of Finance; Nana Ama Ayensua Saara III, Omanhemaa of the Denkyira Traditional Area; Alhaji Alhassan Yakubu, Non-Executive Director; Francis Arthur-Collins, Non-Executive Director; Ray Ankrah, Deputy Chief Executive of the Ghana Cocoa Board (COCOBOD); Osmani Aludiba Ayuba; Lydia Essah; Daniel Kwaku Tweneboah Asirifi of the law firm Akuffo-Addo, Prempeh & Co.; and Samuel Kwame Yedu Aidoo, Executive Director of Wholesale and Investment Banking at GCB Bank PLC.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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