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Business News of Wednesday, 20 September 2017


'CEOs can't earn more than president - Finance Minister

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Soon no CEO of any State-owned Enterprise (SOE) will earn more than the President, Finance Minister Ken Ofori-Atta has hinted, saying a rationalisation process will be undertaken to cut salaries and allowances of CEOs whose remuneration is above that of the President.

Addressing a policy and governance forum on governance and strategic policy for the Civil Society Organisation sector, Mr Ofori-Atta said: “We currently have a mirage of remuneration schedule that we don’t quite understand.”

“I think we need to begin to rationalise it to make it clear where remuneration ends so that it does not go beyond the presidency,” he said.

Mr Ofori-Atta said some of the CEOs of the SOEs earn more than thrice the salary of the president.

Vice-President Dr Mahamudu Bawumia who was also at the event said the salaries earned by some of the CEOs are not in conformity with their productivity.

“A recent report by the Finance Ministry covering about 18 SOEs indicated that they made a net loss of ¢791 million in addition to having received loans and financial support.

“This is no longer sustainable and it is your responsibility to come to the table in the course of this forum with solutions to it,” Dr Bawumia added.

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