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GCB Bank Spends Nearly Half a Million Cedis on South Africa Trip for Board Member

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Gcb Memo
Gcb Memo

GCB Bank has come under scrutiny for spending GH₵462,000 (approximately $33,000) on a 12-day trip to South Africa for board member Alhaji Alhassan Yakubu.

This expenditure was for attending “The Complete Board Directors Programme,” a conference organized by Inter Africa Consulting Group in Johannesburg from May 27 to June 7, 2024.

Breakdown of Expenses

  1. Accommodation:
    • Alhaji Yakubu received $1,000 (GH₵14,000) per night for hotel accommodation, totaling $12,000 (GH₵168,000) for the entire stay.
  2. Per Diem:
    • He was also paid $1,500 (GH₵21,000) per day for per diem, which covered food and incidental expenses, amounting to $18,000 (GH₵252,000) for 12 days.
  3. Travel Days:
    • An additional $3,000 (GH₵42,000) was allocated for two travel days, though the specifics of this allocation remain unclear.

Compliance with Regulations

Checks indicate that these figures are standard for GCB Bank’s travel expenses and do not breach any existing laws or regulations. The memo authorizing this expenditure was dated May 23, 2024, and was signed by key HR personnel, including Nana Kwabena Yeboah, Head of HR, and Alexander Yeboah, Manager of Compensation and Rewards. The memo was also copied to the Managing Director and Deputy Managing Director.

Discussion

Despite the adherence to regulations, the significant amount spent on this trip has raised concerns about the bank’s spending practices, particularly in the context of the country’s current economic challenges. While the per diem typically covers accommodation, food, and incidental expenses, the additional $12,000 specifically for accommodation on top of the per diem raises questions about the justification for such high allowances.

Implications

The substantial cost of this trip, especially when viewed against the economic backdrop, may prompt discussions on the necessity and prudence of such expenditures. Stakeholders might call for a review of travel and expense policies to ensure that they are both economically efficient and aligned with the bank’s broader financial strategies and objectives.

In conclusion, while the spending conforms to GCB Bank’s standard practices, the substantial outlay for a 12-day conference trip highlights the need for a careful examination of travel-related expenses, particularly in challenging economic times.

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