On August 9, 2023, Bright Simons, Vice President of IMANI Africa, took to Twitter to reveal the monthly earnings of independent directors at the Bank of Ghana (BoG). This revelation comes in the wake of BoG’s 2022 annual report, which disclosed a staggering loss of US$6 billion (equivalent to approximately GH¢60 billion) attributed in part to the Domestic Debt Exchange Program (DDEP).
In his tweet, Bright Simons alleged that each of the independent directors on BoG’s board receives a monthly payment of US$8,000. He highlighted the substantial nature of this compensation in comparison to similar roles in other African countries, notably Nigeria and Kenya.
The Bank of Ghana has 10 independent Directors. It seems some people, esp in the Political Opposition, are not happy that they are paid ~$8,000 a month (~86,000 GHS). Given the calibre of people needed to helm a central bank board, what would folks be comfortable with? 🤔 pic.twitter.com/WJUwSdEwxf
— Bright Simons (@BBSimons) August 9, 2023
The list of 10-member independent directors of the Bank of Ghana, along with their alleged monthly remuneration as per the attached photo, is as follows:
- Charles Adu Boahen, Non-Executive Director
- A former Deputy Minister of Finance.
- Previously served as a director and regional head of corporate & investment banking at Standard Bank in South Africa.
- Joseph Blignam Alhassan, Non-Executive Director
- A business executive with an online profile.
- Dr. Samuel Nii-Noi Ashong, Non-Executive Director
- A Finance Expert with experience in public sector economic policy advisory, policy analysis, and consulting services.
- Previously engaged with the Ministry of Finance, Centre for Policy Analysis (CEPA), and Ghana Institute of Management and Public Administration (GIMPA).
- Dr. Kwame Nyantekyi-Owusu, Non-Executive Director
- Founder and Executive Chairman of Inter-Afrique Group.
- A seasoned leader with strategic decision-making and innovative investment strategy expertise.
- Held various positions on the boards of companies including Ghana Venture Capital Fund and Venture Fund Management Company Limited.
- Comfort F. A. Ocran, Non-Executive Director
- Chief Executive Officer of Legacy and Legacy.
- Administrative Director of Springboard Roadshow Foundation, a youth development and mentoring stage initiative.
- Andrew A. Boye-Doe, Non-Executive Director
- A lawyer specializing in Corporate, Commercial Law, Banking and Finance.
- Holds directorships in various sectors including Insurance and Capital Market companies.
- Jude Kofi Bucknor, Non-Executive Director
- An investment banker with extensive international banking and corporate finance experience.
- Holds leadership roles in various organizations, including Vice Chairman of Midway Resources International.
- Prof. Eric Osei-Assibey, Non-Executive Director
- Associate Professor of Economics at the University of Ghana.
- Senior Research Fellow at the Institute of Economic Affairs (IEA) and Non-resident Research Fellow at the CEQ Institute, Tulane University, USA.
- Angela Kyerematen-Jimoh, Non-Executive Director
- Microsoft’s Strategic Partnership Lead for Africa.
- Former Country General Manager for IBM Ghana.
- Dr. Regina Ohene-Darko Adutwum, Non-Executive Director
- Director at Bank of Ghana.
These revelations have sparked discussions about the compensation of independent directors at the Bank of Ghana and how it compares to other African nations. The ongoing scrutiny highlights the complex financial landscape and governance of one of Ghana’s most prominent financial institutions.”
