Finance Minister Dr. Cassiel Ato Forson has issued a strong caution to the newly inaugurated board of Consolidated Bank Ghana Limited (CBG), emphasizing that the era of bloated board allowances and inflated executive salaries in State-Owned Enterprises (SOEs) is officially over.
Addressing the board during their swearing-in ceremony on Wednesday, Dr. Forson declared:
“I made it clear that the era of excessive salaries and bloated board allowances in State-Owned Enterprises will not be entertained under our administration.”
The Finance Minister’s remarks come amid mounting public concern over the high compensation packages awarded to board members and executives of state-owned entities, many of which have received substantial financial support from the government.
Dr. Forson urged the CBG board to uphold financial discipline and lead by example, stressing the need for prudent management of public resources.
“You must prioritise accountability, performance, and value for money in every aspect of your operations,” he said.
Consolidated Bank Ghana, which was established in 2018 following the merger of several struggling local banks, has played a critical role in stabilizing Ghana’s financial sector. However, as with many other SOEs, questions have been raised about governance practices and the efficiency of public funds usage.
The Finance Minister’s comments reflect a broader government push to enforce fiscal responsibility across all public institutions, especially in the face of Ghana’s ongoing economic recovery efforts.
Dr. Forson concluded by challenging the board to focus on innovation, improved service delivery, and contributing meaningfully to national development.
The new CBG board is expected to work closely with the Finance Ministry and relevant regulators to ensure transparency and sustainability in the bank’s operations.
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