BoG spent over GH₵1.62bn on 2,203 employees in 2022 – Togbe Afede XIV

Togbe Afede XIV, the Agbogbomefia of the Asogli State, has voiced concerns regarding the remuneration of Bank of Ghana (BoG) employees, citing significant disparities compared to counterparts in other central banks.

Togbe Afede XIV, in an article, highlighted that BoG expended GH₵1.62

Read full articlebillion on its 2,203 staff members, averaging GH₵735,361 per employee in 2022.

Drawing a comparison with the Bank of England (BOE), Togbe Afede XIV pointed out that while BoG paid £66,851 per employee, BOE disbursed £95,829 per employee, indicating a substantial gap in remuneration.

"It is difficult to believe how some BoG’s operating incomes and expenses compare with those of the Bank of England (BOE). For example, BOG spent GH₵1.62 billion (£147.27 million at the 2022 average cedi-pound exchange rate) on its 2,203 employees, that is, £66,851 per employee, about 38x Ghana’s GDP per capita," he said.

Furthermore, he underscored that BoG staff members, unlike their BOE counterparts, held loans from the bank, with an average indebtedness of GH₵566,046 (£51,459) per employee by the end of 2022.

Togbe Afede XIV emphasized the need for scrutiny of BoG's personnel costs, noting that the average monthly remuneration amounted to GH₵61,280 per employee, inclusive of various allowances.

"The Bank’s personnel costs amounted to GH₵1.62 billion. With a total of 2,203 employees, this equals an average remuneration of a colossal GH₵735,361 per employee in 2022 or GH₵61,280 monthly per employee, including several allowances. These employees also had staff loans amounting to GH₵1.247 billion, an average of GH₵566,046 per head," he noted.