Ghana’s Minister of Finance, Dr. Cassiel Ato Forson has issued a stern warning to the Consolidated Bank Ghana (CBG) board against approving excessive salaries for executives of state-owned enterprises (SOEs).
The caution comes amid government efforts to stabilize Ghana’s economy under its IMF program.
Speaking at a parliamentary briefing, he stated: “There’s no justification for extravagant compensation in SOEs when ordinary Ghanaians face hardship.”
His comments follow reports of some state enterprise CEOs earning over $15,000 monthly while workers protest delayed salaries.
The CBG, which oversees several nationalized banks, plays a key role in SOE governance. Forson emphasized three critical points:
- Fiscal discipline – SOEs must align with IMF-mandated wage bill controls
- Performance linkage – Compensation should tie to measurable results
- Public accountability – Full disclosure of executive pay structures
Finance Committee chair Kwaku Kwarteng supported the stance: “SOEs exist to serve citizens, not enrich individuals.” Recent audits revealed some SOE managers earn 20 times more than sector ministers.
SOE reforms remain crucial to Ghana’s $3 billion IMF program. The Fund’s latest review emphasized containing SOE losses, which exceeded 4% of GDP in 2024.
As public scrutiny of government spending intensifies, Forson’s intervention signals growing legislative oversight of SOE governance during this recovery period.
