At the time most financial institutions in the country are struggling to stand on their feet, The Chronicle newspaper has learnt that board members of the Ghana Commercial Bank (GCB) were being paid GH¢1,300 per each sitting as allowance.

The Chronicle gathered that the Board Chairman, Mr. Pryce Kojo Thompson, was paid a total of GH¢65,000 as sitting allowance for 2010 alone. The overall amount paid to board members stood at GH¢524,948.90 during the year under review.

An official memo signed by Helen Addo, Secretary to the Managing Director, a copy of which is in the possession of the paper, gave the breakdown as follows: Mr. Thompson - GH¢65,100, Joshua Peprah - GH¢52,810, Lovelace Prempeh - GH¢66,000, Charlotte Osei - GH¢57,100, and Lauretta V. Lamptey - GH¢70,300.

Others are Fritz Gockel - GH¢54,900, Fiifi F. Kwetey, Deputy Minister of Finance and Economic Planning - GH¢35,100, Elliot Gordor - GH¢37,300, and Adelaide Mary Benneh -GH¢50,500. Mad. Lauretta V. Lamptey was the highest paid individual within the board, while Mr. Fifi Fiave Kwetey received the smallest amount at the end of the year 2010.

The amount paid as sitting allowances went high because the board members sometimes sit as many as three times a week. The memo, dated November 29, 2010, under the caption, "Christmas hampers for the end of the year protocol," also revealed that GH¢153,000 was spent on hampers.

"We advise that the Executive Committee, on 29th of November, 2010, approved the arrangement of year 2010 hampers for distribution to the bank's valued and potential customers, at a total cost of GH¢153,000.00," the memo stated. 15 pieces of hampers valued at GH¢650 each went to the executives.

Some of the workers, who spoke to The Chronicle on the development, regretted that whilst they were agitating for salary increment, of which the management was dragging its feet, the latter found it convenient to pay such huge sums of money as allowances for Board Members.