President of IMANI Africa, Bright Simons, has alleged that each independent director serving on the Bank of Ghana's board receives a monthly payment of US$8,000, equivalent to GH89852.36 Ghanaian Cedi.

As stipulated in the Bank's 2022 annual report, the board consists of thirteen directors, including the governor, his two deputies, and ten other directors.

The IMANI president continued that, comparatively, this compensation money is higher than that of other countries like Nigeria and Kenya, Mr Simons said in a Twitter post on August 9, 2023.

Simons made this statement amid the controversy and discussions surrounding the Bank's leadership and the distressing loss it has caused the state.

"The Bank of Ghana has 10 independent Directors. It seems some people, especially in the Political Opposition, are not happy that they are paid $8,000 a month (86,000 GHS).

Given the calibre of people needed to helm a central bank board, what would folks be comfortable with?" he quizzed.

"One approach might be to compare the case in other similar economies. In Kenya, there are 6 independent directors, with each earning ~260,000 KES a month ($2,000). In Nigeria, there are 7, each earning 2.3 million Naira ($3,000). But there are private boards paying way more," he added in another tweet.

The ten independent directors are as follows:Dr. Samuel Nii-Noi Ashong - Non-Executive DirectorMr. Joseph B. Alhassan - Non-Executive DirectorDr. Kwame Owusu-Nyantekyi - Non-Executive DirectorMr. Andrew Boye-Doe - Non-Executive DirectorMrs. Comfort F. Ocran - Non-Executive DirectorMr. Jude Kofi Bucknor - Non-Executive DirectorDr. Regina Ohene-Darko Adutwum - Non-Executive DirectorMr. Charles Adu Boahen - Non-Executive Director (Till November 24, 2022)Ms. Angela Kyerematen Jimoh - Non-Executive DirectorProf. Eric Osei-Assibey - Non-Executive Director

The Annual Report and Financial Statement of the Bank of Ghana reveal that the institution incurred a loss of GH60.8 billion from its audited financial statement for the 2022 fiscal year.

BoG’s loss comes after it saw a GHS GHS¢1.2 billion profit in 2021.

But BoG leadership attributes this loss to the decline in the Group’s net worth position due to the impact of the Domestic Debt Exchange Programme (DDEP) and the impairment of some assets.

Meanwhile, the parliamentary Minority has issued a 21-day ultimatum to the bank's leadership to step down due to this loss.