Finance Minister Dr Cassiel Ato Forson has cautioned the newly inaugurated board of the Consolidated Bank Ghana Limited (CBG) against approving excessive salaries and allowances, stating that the government will no longer tolerate such practices within State-Owned Enterprises (SOEs).
Speaking at the swearing-in ceremony on Wednesday, Dr Forson emphasised the importance of fiscal discipline and urged board members to demonstrate responsible leadership in line with the government’s efforts to reform public sector governance.
“I made it clear that the era of excessive salaries and bloated board allowances in State-Owned Enterprises will not be entertained under our administration,” he said.
The Minister’s warning follows growing public concern over remuneration levels within SOEs, many of which continue to rely on state support to remain operational. Critics argue that some of these institutions offer salaries and benefits that are disproportionate to performance outcomes.
Dr Forson called on the board to uphold the principles of accountability, transparency, and prudent financial management.
He urged members to serve with integrity and to ensure that CBG delivers value for money and contributes meaningfully to national development goals.
“We expect this board to set a new standard by putting performance at the centre of its mandate, we must ensure that public institutions are driven by efficiency, not entitlement,” the Minister added.
The warning aligns with ongoing efforts by the government to strengthen the governance framework of state institutions, improve oversight, and protect the public purse.
CBG, which was established in 2018 to take over the assets and liabilities of several collapsed banks, remains one of the key state-owned banks operating under the Bank of Ghana’s regulatory oversight.
