On August 9, 2023, Bright Simons, Vice President of IMANI Africa, tweeted about the independent directors of the Bank of Ghana (BoG) and their monthly remuneration.
His tweet was in response to the BoG’s announcement of a loss of US$6 billion (approximately GH¢60 billion) for the year 2022, with the Domestic Debt Exchange Program (DDEP) being a significant contributor to these losses. Simons alleged that each independent director on the BoG’s board receives a monthly payment of US$8,000, which he deemed excessive compared to other African countries like Nigeria and Kenya.
The independent directors mentioned in the tweet and attached photo are as follows:
- Charles Adu Boahen, Non-Executive Director: Former Deputy Minister of Finance and former director and regional head of corporate & investment banking at Standard Bank in South Africa.
- Joseph Blignam Alhassan, Non-Executive Director: A business executive.
- Dr. Samuel Nii-Noi Ashong, Non-Executive Director: Finance expert with experience in public sector economic policy advisory, university teaching, and corporate business analysis.
- Dr. Kwame Nyantekyi-Owusu, Non-Executive Director: Founder and Executive Chairman of Inter-Afrique Group, with experience in leadership, strategic decisions, and innovative investment strategy.
- Comfort F. A. Ocran, Non-Executive Director: CEO of Legacy and Legacy, Administrative Director of Springboard Roadshow Foundation.
- Andrew A. Boye-Doe, Non-Executive Director: Legal practitioner with expertise in corporate, commercial law, banking and finance, and corporate restructuring.
- Jude Kofi Bucknor, Non-Executive Director: Investment banker with international banking, corporate finance, and emerging markets experience.
- Prof. Eric Osei-Assibey, Non-Executive Director: Associate Professor of Economics at the University of Ghana, with research interests in monetary policy, banking regulations, and development macroeconomic and fiscal policy issues.
- Angela Kyerematen-Jimoh, Non-Executive Director: Microsoft’s Strategic Partnership Lead for Africa, former Executive Director/Regional Head for IBM North, East and West Africa.
- Dr. Regina Ohene-Darko Adutwum, Non-Executive Director: Director at Bank of Ghana.
Bright Simons’ tweet highlighted the compensation of these independent directors and prompted a discussion about their roles and remuneration within the context of the Bank of Ghana’s financial performance and economic challenges.
