GIPC struggles with salary delays amidst allegations of CEO's extravagance

The Ghana Investment Promotion Centre (GIPC) is reportedly facing significant financial challenges, leading to delayed salary payments for its staff, exacerbating concerns about its internal governance and financial management practices.

The situation has become increasingly dire, with employees experiencing severe financial strain due to the delay in salary disbursements. February 2024 salaries, for instance, were only disbursed on April 3,

Read full article2024, leaving employees grappling with difficulties such as late loan repayments and double deductions from overdue salaries.

At the heart of this financial turmoil is the alleged imprudent decision-making by the Chief Executive Officer (CEO) of GIPC, Reginald Yofi Grant. Despite the financial difficulties facing the organization, Grant purportedly continues to embark on extravagant foreign trips, further straining the institution's resources and exacerbating the plight of its employees.

Sources within GIPC have revealed that Grant, aged 64, has sought financial assistance from various individuals and institutions to address the salary payment challenges. Notably, he approached the Chief of Staff at the Office of the President, Madam Frema Akosua Osei Opare, and the Minister of Finance, Dr. Mohammed Amin Adam, for assistance. While Dr. Adam provided 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.

Moreover, concerns have been raised regarding Grant's leadership and management of GIPC, particularly given the financial turmoil facing the organization. Grant's tenure was extended by the President until 2020 when he turned 60, but questions linger about his effectiveness in navigating the financial challenges confronting GIPC.

The current state of affairs at GIPC underscores the urgent need for attention from the Presidency, which oversees the institution. Insiders within GIPC have called for decisive action to address internal governance issues and implement effective financial management strategies to ensure the stability and sustainability of the organization. As the primary point of contact for investment into the country, GIPC plays a crucial role in promoting economic growth and development, making it imperative to resolve its financial woes promptly.