GIPC financial woes blamed on mismanagement


GIPC financial woes blamed on mismanagement

The Ghana Investment Promotion Centre (GIPC) is grappling with severe financial challenges, leading to delayed salary payments for its staff.

With February 2024 salaries only disbursed on April 3, 2024, employees face significant financial strain, including difficulties with loan repayments and double deductions from overdue salaries.

The dire situation at GIPC is attributed to purported imprudent decisions made by its Chief Executive Officer (CEO), Reginald Yofi Grant.

Despite the financial turmoil, Grant allegedly continues to indulge in extravagant foreign trips, exacerbating the plight of his employees.

Sources reveal that, the 64-year-old CEO, sought financial assistance from various individuals and institutions, including the Chief of Staff at the Office of the President, Madam Frema Akosua Osei Opare, and the Minister of Finance, Dr Mohammed Amin Adam.

While, Dr Adam granted a loan of GH¢3, 000,000.00 to facilitate February salary payments, it fell short of Grant’s requested GH¢7, 000,000.00.

The bulk of the money goes to pay his salary and other benefits which are in United States Dollars.

Born on March 20, 1959, Grant’s tenure was extended by the President until 2020, when he turned 60.

However, concerns have been raised about his leadership and management of GIPC, given the financial turmoil facing the institution.

The current development at GIPC, according to insiders, needs urgent attention.

The insiders, have called on the Presidency, the supervising body over GIPC to address the internal governance issues and implement effective financial management strategies to ensure the stability and sustainability of the organization which is supposed to be the first point of call, for all investment into the country.

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