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Business News of Wednesday, 15 May 2019

Source: Starr FM

GCMC needs new leadership - Yamson

Economist and Chief Operating Officer of the Ishmael Yamson foundation Harry Michael Yamson says developments at the Ghana Cylinder Manufacturing Company show that the management of the company has failed.

According to him, there is the need for a more competent team and board to handle affairs at the organisation.

It comes after the auditor general indicted the board of the Company for the astronomical and illegal increase in the monthly fees and sitting allowances for the chair and members between 2016 and 2017.

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

The allowance for the board chair which stood at ghc650 has jumped to GHC3000 while that of members which was GHC 500 has ballooned to GHC2000.

“Our review of the first (1st) minute of the Board of Directors meeting of the Company held on Thursday 2I September, 2017 disclosed that the Board increased their monthly fee, and sitting allowances by themselves instead of seeking approval from members at a general meeting. The monthly fee was increased from GHC650 for Chairman and GC580.00 for members to GHc3,000.00 for Chairman and GHC2,000.00 for members. The sitting allowance was also, increased from GHC600.00 for Chairman and GHC500.00 for members to GHC1000,” the audit report said.

Speaking to Francis Abban on the Morning Starr, Mr Yamson said the current leadership of the state company has failed.

“It’s needs a good team, a more competent team. And better oversight. There is something fundamentally wrong with the oversight of the business, because something went very wrong with the business. There is a massive failure in the business, failure in the board, failure in the management team, a new team may be required to steer affairs there”.

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