From Ghana Web

The Public Accounts Committee (PAC) of Parliament has condemned managers of the Ghana International Trade Fair Company for paying huge allowances to the members of the company’s board of directors, in spite of the fact that the company keeps recording losses.

It was discovered that the sitting allowances of members of the board were increased by 170 per cent at a time the company’s balance sheet was in the red.

Mr Kweku Agyeman Manu, the Chairman of PAC, and other members of the committee who were considering the 2010 Auditor-General’s report on the company at yesterday’s sitting could not understand why huge amounts were paid to the directors, even though the company was making losses.

In the year under review, the Auditor-General’s report showed that the total administrative expenses of the company increased from GH¢482,934 in 2009 to GH¢769,513 in 2010, representing an increase of 59.3 per cent.

It was, however, found that the major contributor to the rise in administrative expenses was a 170 per cent increment in directors’ remuneration and allowances from GH¢53,031 in 2009 to GH¢143,256 in 2010.

Read more at ghanaweb.com