Audit report reveals GCMC board increased salaries and allowances by 400 percent

Audit report reveals GCMC board increased salaries and allowances by 400 percent

- An audit report shows that salaries and allowances at the GCMC have been increased by about 400%

- It also indicated that the increase was not approved by members at a general meeting

Information available to YEN.com.gh shows that the board of directors of the Ghana Cylinder Manufacturing Company (GCMC) has increased its salaries and allowances by 400%.

The auditor-general’s department has therefore indicted the board for the increase, because it was illegal, as members at a general meeting did not approve it.

The increase, YEN.com.gh understands, was for the benefit for the chair and the board members between 2016 and 2017.

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Starrfm.com.gh reports that the allowance for the board chair, which stood at GHC650, has jumped to GHC3000, while that of members, which was GHC580, has increased to GHC2000.

According to an audit into the operations of the company, monthly fees have seen some 400% increment since the new board took over.

It also indicted the chief executive officer (CEO), Frances Essiam, of arbitrarily increasing the salary of staff without recourse to procedure.

“The Chief Executive Officer (C.E.O) of the company arbitrarily increased the salary and wages of the workers by 30% to 50%.

She again increased the number of staff from 36 to 59 without approval from the governing board, or reference to any approved salary structure and scheme of service.

This resulted in an increase of the wage bill astronomically, from GHC44, 531.81 in June 2017 to GHC112, 404.78 as at December 2017,” the report revealed.

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Source: Yen.com.gh

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