GCB Bank To Blow $33, 000 On Board Member’s Trip

…Leaked Memo Reveals $18,000 For Per Diem, $12,000 For Hotel & $3,000 For Travelling Days

A shocking internal memo from the vaults of state-owned Ghana Commercial Bank (GCB) has revealed decision by management of the bank to spend a whopping US$33, 000 dollars on a Board Member’s trip to South Africa to attend a programme.

The amount, equivalent of about GH¢495,000, at current exchange rate, would be expended as emoluments for the beneficiary’s trip for a period of 12days, starting from May 27 to June 7, 2024.

The leaked document available to The Anchor, gave a breakdown of the figure as follows; Accommodation ($1000 × 12 nights) = $12, 000.00, Per Diem ($1500 × 12 days) = $18, 000.00 and Traveling days ($1500 ×2 days) = $3, 000. 00 all amounting to $33, 000.00 in total.

The brief memo dated Thursday, May 23, 2024 said, “We advise your participation in the above referenced programme being organized by Inter Africa consulting Group in Johannesburg, South Africa from 27th May to 7th June 2024”.

It instructed that, “The DMD, Finance is by a copy of this memorandum expected to pay the following emoluments in respect of your travel”.

The document, which emanated from the Human Resource Department of the bank, was signed by its Head, Nana Kwabena Yeboah and one Alexander Yeboah – Manager, Communication & Rewards and copied to the Managing Director (MD), Kofi Adomakoh and his Deputy Managing Director (DMD) in charge of Finance, Socrates Afram.

According to the leaked memo, the programme dubbed “The Complete Board Directors Programme” is being organized by Inter Africa consulting Group in Johannesburg, South Africa.

The document mentioned one Alhaji Alhassan Yakubu, a non-Executive Director of the board, as the beneficiary of this trip.

This development, has left some employees of the bank and a section of the public livid, after learning that the GCB Bank’s scarce resources, is being dissipated by those at the top.

Many are concerned, that at a time every institution is struggling to survive, the indigenous bank, is able to part with such outrageous amount for one person’s trip.

It is, however, unclear whether management has reviewed the amount after the document has gone viral on social media platforms.

A social media user, who posted the leaked internal memo containing the figure, had this to say “GCB Bank PLC [I] am posting this, you can choose to report it to Facebook. But the fact remains that you spend hard earned $33, 000.00 (Thirty-three thousand dollars) on one person12 days trip”.

About Alhaji Alhassan Yakubu

Meanwhile, The Anchor’s digging on the background of Alhaji Alhassan Yakubu revealed, he possesses a working knowledge of Financial Institution Analysis, Corporate Governance, Credit Management, Treasury and Investment Management, Monitoring and Evaluation.

He is a graduate of the University of Ghana Business School with a B.Sc. Administration (Banking & Finance) in 1990 and an MBA (Finance) in 2001.

He also holds a certificate in Financial Institution Analysis from the Financial Institution Analysis School of the Federal Reserve Bank, Washington DC, USA.

He started his career in Banking at Merchant Bank Ghana Limited and later moved to the Banking Supervision Department of the Bank of Ghana in 1991, where he worked until 2004.

During his 13-year career at the Central Bank, his schedule included both on and off-site supervision of commercial and rural banks as well non-bank financial institutions.

He was a member of the team that drafted the revised Banking Supervision Department’s Examination Manual and reviewed also played roles in many policy initiatives. He was a member of the Banking Law review.

He has attended several capacity building courses and acquired certificates in Bank Management, Credit Management, Advanced Credit Management, Treasury Risk Management, Asset & Liability Management, International Banking, Public Finance and Supervisory Skills amongst others.

He now runs his own business and has also worked as a consultant for both bank and non-bank financial institutions.


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