It is ridiculous – Prof. Enoch Antwi slams SIC boss’s salary and benefits

Governance expert, Professor Enoch Antwi, has strongly criticized the salary and benefits received by the Managing Director of the State Insurance Company (SIC), Hollistar Duah-Yentumi, calling them excessive and unjustifiable.

Speaking on 3FM’s Hot Edition with Alfred Ocansey monitored by MyNewsGH, Prof. Antwi questioned the rationale behind the financial packages given to public sector heads while essential workers like teachers and nurses struggle to make ends meet.

“It is ridiculous,” he stated. “You’re earning all this money, but you also have free residence, free utilities, you’re not paying for water or electricity, and you’re getting 3,000 Ghana cedis for house help.

“How many house helps are paid 3,000 Ghana cedis? Do you know how much teachers receive in a month? Do you know how much nurses receive in a month?”

He further highlighted additional allowances, including a gardener, a security guard, free medical care for the managing director, their spouse, and five children, an annual travel ticket, and a daily per diem for official trips.

“Come on!” he exclaimed. “Let’s ask the question: how has SIC performed over the years?”

According to him, the company’s profits have fluctuated significantly, showing no consistent growth pattern.

“If you look at the discrepancies, there’s a gap of about 58 million cedis that fluctuates every year,” he pointed out.

Prof. Antwi argued that SIC’s financial standing does not justify such extravagant spending.

“SIC’s current ratio is about 1.3, meaning they owe almost as much as they have. It is not prudent to invest in such an organization, and yet, look at the money the MDs are taking,” he remarked.

He was particularly outraged that SIC, a publicly traded company, was paying zero dividends while offering luxurious salaries and benefits to its top executives.

“The share price in the stock market is 27 pesewas—not even one cedi! So who in their right mind would invest in such an institution? And yet, look at the money the managing directors are taking,” he exclaimed.

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