Lavish Expenditure on Foreign Travel Raises Concerns Over Financial Mismanagement
A shocking revelation has surfaced concerning the Ghana Investment Promotion Centre (GIPC) under the leadership of Reginald Yoofi Grant, detailing excessive spending exceeding GH¢50 million on foreign trips from 2017 to 2023.
Critics, including economists, have condemned this exorbitant expenditure as wasteful, contributing to the financial challenges plaguing the GIPC, leading to delays in salary payments for its employees.
The Centre has reportedly struggled to meet its financial obligations, with CEO Grant himself having to fund official travels and support staff during cash shortages.
The breakdown of expenses reveals staggering amounts allocated to foreign trips over the mentioned period, with GH¢2,521,412.00 spent in 2017, GH¢4,602,807.00 in 2018, GH¢5,824,945.00 in 2019, GH¢1,568,755.00 in 2020, GH¢5,155,631.00 in 2021, GH¢17,268,324.00 in 2022, and GH¢13,755,803.00 in 2023.
Local travel costs were also substantial, amounting to GH¢765,193.00 in 2017, GH¢1,144,272.00 in 2018, GH¢1,546,601.00 in 2019, GH¢408,716.00 in 2020, GH¢875,633.00 in 2021, GH¢766,684.00 in 2022, and GH¢743,767.00 in 2023.
Critics argue that this excessive spending is unnecessary, especially at a time when some multinational corporations are departing due to unfriendly business conditions.
They suggest that establishing foreign offices with skilled personnel could eliminate the need for frequent high-ranking officials’ travel, saving costs and enhancing investment drives abroad.
Despite these financial challenges, Mr. Grant’s continuous luxurious foreign trips have raised suspicions among GIPC staff, with concerns over the CEO’s absence from Ghana for a significant part of each month.
Staff members, struggling with delayed salaries, have expressed discontent over the apparent financial mismanagement at the GIPC, attributed to the CEO’s extensive globetrotting schedule which they perceive as unproductive.