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Mr Ray Sowah, MD GCB

GCB blows GH₡200K on games

BY PHILIP ANTOH | philip.antoh@dailyheritage.com.gh

THE GCB Bank is alleged to be doling out moneys to organisations, including one owned by one Yaw Mould, who is said to be the nephew of the Managing Director of the bank, Mr Ray Sowah, in the name of Corporate Social Responsibility. The bank is also allegedly being accused of extravagant spending on the bank’s events.

The allegations are gaining grounds following the sacking of some workers of defunct UT and Capital banks who became automatic workers of GCB following the takeover of the two banks by the GCB Bank, which some see as a redundancy meant to cut cost while such profligate spending is not being reduced.

Sources close to management of the bank told this paper that even though the books were not too good, the bank last year gave out a whopping GH₡200,000.00 as a Corporate Social Responsibility to sponsor a sports competition held by the Obstacle Course Event in Accra.

 

 

Ghana’s Obstacle Course Race, which took place on December 15, 2018, was organised by a company being managed by Mould, who is said to be the nephew of the Managing Director (MD).

This, according to the source, is a clear case of conflict of interest on the part of the MD, adding that many sponsorship letters were getting rotten at the department.

“The event that took place December last year would not cost anything more than GH₡50,000.00 but a huge GH₡ 200,000.00 was sunk into it. Meanwhile ventures which are worthy of sponsorship and are in line with our Corporate Social Responsibility are being put in the back burner,” the source indicated.

The source further indicated that the bank had become the main conduit for approving huge sums for social interventions programmes.

 

 

GCB again, despite their financial struggle, spent huge sums of money to the tune of $19,700.00 at the Labadi Beach Hotel for a mere board meeting on January 8, 9 and 10 this year and has also held board meetings in Dubai.

Again, the bank, on October 18 to November 6, 2018, also spent a whopping $12,522.74 at Marriot Hotel in Accra for a conference.

Responding to the allegations, the Corporate Affairs Manager of the Ghana Commercial Bank (GCB), Mrs Thyra Oboubi, has stated that the bank will soon issue an official statement on the sacking of some workers of the defunct UT and Capital banks.

According to Mrs Oboubi, the action of the bank is nowhere close to redundancy as has been speculated in the media circles and the general public.

“We will soon come out with an official statement on the sacking of the former defunct UT and Capital Banks workers,” she stated.

However, information available to the DAILY HERITAGE indicates that GCB took that action mainly to cut cost because the bank’s books are not too good.

On the issue of the bank doing profligate spending in the name of Corporate Social Responsibility, Mrs Oboubi said the company only looked at the merits and demerits of every sponsorship package before they assented to it.

In the case of Obstacle Course Event, she said they realized that it merited their criteria, hence their agreement to sponsor.

“We don’t look at the people but rather look at the benefits the event will bring to society. Ghana is interrelated and therefore somebody maybe related to the other,” she stated.

Source: Ghana/dailyheritage.com.gh/March 21, 2019

THE GCB INVOICES

• GCB Invoice Event-marr.PDF

• GCB Invoice Acommodation-marr.PDF

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