The Finance Minister Ken Ofori-Atta has served notice that there will be huge cuts on salaries and allowances of CEOs of State-Owned Enterprises (SOEs).

The move, according to him, is meant to ensure that none of the CEOs earn more than the president.

Mr. Ofori-Atta made this known recently while addressing a policy and governance forum on governance and strategic policy for the Civil Society Organisation sector.

“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.

According to him, some of the CEOs of the SOEs earn more than thrice the salary of the president.

President Akufo-Addo’s salary is pegged at GH¢22,809 per the Professor Dora Edu-Buandoh Committee’s report which was tasked to recommend emoluments for article 71 office holders.

Speaking at the same programme, Vice President Dr. Mahamudu Bawumia who per the committee’s report is earning GH¢20,529  bemoaned that the salaries earned by some of the CEOs do not conform with their productivity.

He said, “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.”

Source: Ghana/