The plans by the Ghana Cocoa Board (COCOBOD) to cut down the salaries of top management will not flout any laws, a Labour Consultant, Austin Gamey has said.
Speaking to Citi News, Mr. Gamey said COCOBOD’s new approach to remuneration would not be out of the ordinary as long as it was within legal boundaries and had a legitimate basis.
He explained that such processes would be a normal management practice which is activated by owners of a company if they find it necessary, especially to turn around the fortunes of the entity.
“Ordinarily, you don’t review pay and salaries downwards for the sake of it, but depending on the circumstances of a given organisation, the management and the people involved can meet, have a conversation and decide to rescue the situation… Depending on the circumstances, it can be reviewed downwards and it is not a strange thing. It is done all over the world and it can be done here too.”
The newly sworn-in Board Chairman of COCOBOD, Hackman Owusu-Agyeman expressed bewilderment over what he called the outrageous remuneration of the top brass of the board especially given the losses the company has been making.
As a state institution, Mr. Owusu-Agyeman asserted that COCOBOD had to fall in line with the pay structure of similar institutions, as opposed to the current status quo that has the COCOBOD Chief Executive Officer’s estimated GHc 70,000 salary dwarfing that of the President.
Mr. Gamey, however, opined that Mr. Owusu-Agyeman may have unnecessarily skewed public opinion with his announcement.
“I don’t like the manner in which it was announced publicly because it demoralises them [the public]. Even if it was agreed on, the public was made aware as though something untoward had happened. That is where the worry is,” he said.
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(Via: CitiFM Online Ghana)
