BoG independent directors don’t receive salaries; alleged $8,000 figure untrue – Financial analyst

Financial analyst, Dr Micheal Dawson, has called on the Ghanaian public to be circumspect following news reports on alleged monthly salaries which are said to be taken by Independent Board Directors of the Central Bank.

According to him, reports about the US$8,000 payment for the Central Banks's Directors are untrue stating that the External Board Directors would not be paid in dollars adding that they are not even entitled to salaries but instead allowances.

“I’m not sure how that figure came about in the first place as the Board Members are not even entitled to salaries but rather allowances for their services which is standard practice,” he told GhanaWeb Business in an interview.

“I think the BoG statement capturing the expenses of External Directors has clarified the issues raised as they pointed out that the expenditure line for External Directors is made up of logistics to run the Board secretariat, Board training and others,” he explained.

He added in the interview with GhanaWeb Business that the cost under the external directors’ column from the report is not the amount taken by one individual, "but cost of running the secretariat, trainings organised and the Central Bank has said in their statement that price pressures, inflationary pressures all impacted on these rising costs."

Dr Dawson made the remarks on the back of reports suggesting that independent Board Directors of the Central Bank were entitled to salaries.

He, therefore, reiterated his call on the public to be circumspect and must first verify such matters.

MA/NOQ