Each independent director of BoG is paid US$8,000 monthly

Each independent director of BoG is paid US$8,000 monthly - Bright Simons

Bright Simons of IMANI Africa has alleged that each independent director on the board of the Bank of Ghana is paid US$8,000 each month.

The Bank, per its 2022 annual report has thirteen directors comprising the governor, his two deputies and the 10 other directors.

According to him, the amount is on the high side in comparison with other African countries, pointing out the case especially in Nigeria and Kenya.

His tweet comes at a time the Minority in parliament is putting pressure on the leadership of the bank to resign over a loss equivalent to US$6bn according to the latest report.

"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?" he quizzed.

"One approach might be to compare with the case in other similar economies. In Kenya, there are 6 independent directors with each earning ~260,000 KES a month (~$2,000). In Nigeria, there are 7, each earning 2.3m Naira (~$3000). BUT there are private boards paying way more," he added in another tweet.

The ten independent directors are as follows:

Dr. Samuel Nii-Noi Ashong - Non-Executive Director
Mr. Joseph B. Alhassan - Non-Executive Director
Dr. Kwame Owusu-Nyantekyi - Non-Executive Director
Mr. Andrew Boye-Doe - Non-Executive Director
Mrs. Comfort F. Ocran - Non-Executive Director
Mr. Jude Kofi Bucknor - Non-Executive Director
Dr. Regina Ohene-Darko Adutwum - Non-Executive Director
Mr. Charles Adu Boahen - Non-Executive Director (Till 24/11/2022)
Ms. Angela Kyerematen Jimoh - Non-Executive Director
Prof. Eric Osei-Assibey - Non-Executive Director

One approach might be to compare with the case in other similar economies. In Kenya, there are 6 independent directors with each earning ~260,000 KES a month (~$2,000). In Nigeria, there are 7, each earning 2.3m Naira (~$3000). BUT there are private boards paying way more pic.twitter.com/qlPnZOrIUc
— Bright Simons (@BBSimons) August 9, 2023

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