GCB Bank board under fire for $396,000 travel allowance on overseas training - Report

The board of GCB Bank PLC has come under scrutiny following revelations that each of the 12 board members received a travel allowance of $33,000 (GH¢479,000) for an overseas training programme, the Hearld Newspaper has reported.

The Herald alleged that this allowance, amounting to a total of $396,000 (GH¢5,757,840), excludes additional expenses such as first-class airfare and the actual training costs, which have been criticised as questionable by insiders within the state-owned financial institution.

The training programme, known as The Complete Board Directors Programme, was organized by Inter Africa Consulting Group. Some board members travelled to the United States while others went to South Africa.

The detailed allowances for each participant included significant sums for accommodation, per diem, and travel days.

An internal memo, which was leaked and subsequently investigated by The Herald, revealed the specifics of these payments.

The memo, signed by Nana Kwabena Yeboah, head of HR, and Alexander Yeboah, Manager of Compensation and Rewards, included a breakdown of the $33,000 travel allowance for Alhaji Alhassan Yakubu, a Non-Executive Director who traveled to South Africa. This breakdown included:

• $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 features several prominent individuals, including:

• Kofi Adomakoh, Managing Director
• Dr. Stephen Amoah, Deputy Minister for Finance and NPP Member of Parliament for Nhyiaeso Constituency
• Emmanuel Odartey Lamptey, Deputy Managing Director in charge of Operations
• 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.
• Samuel Kwame Yedu Aidoo, Executive Director of Wholesale and Investment Banking at GCB Bank PLC

The investigative report by The Herald has sparked significant concern about 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, explicitly advised Yakubu about the training program in Johannesburg, South Africa, and outlined his emoluments for the trip, which contributed to the broader investigation into these financial practices.

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