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 raised concerns about the salary of the staff of the Bank of Ghana (BoG).

In a piece dated April 11, 2024, Togbe Afede XIV, said the BOG spent GH₵1.62 billion (£147.27 million at 2022 average cedi-pound exchange rate) on its 2,203 employees.

Comparing BoG with the Bank of England (BOE), Togbe Afede XIV stated that BoG pays £66,851 per employee, while BoE pays £95,829 per employee.

According to him, unlike BOE staff who do not receive loans from their employer, BOG staff owe the bank GH₵566,046 (£51,459) on average or per employee as of the end of 2022.

“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.

“BOE on the other hand, with an average labour force of 4,675 per their 2021-22 financial report, spent £448 million, that is, £95,829 per employee, about 2.6x UK’s GDP per capita. Unlike BOE staff who do not receive loans from their employer, BOG staff owe the bank GH₵566,046 (£51,459) on average or per employee as at the end of 2022.”

The Agbogbomefia of the Asogli State pointed out that BoG’s personnel costs amounted to GH₵1.62 billion in 2022.

“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 said.