Unveiling the Governor’s Pay: Salary of the Bank of Ghana Governor
The exact monthly salary of the Governor of the Bank of Ghana (BoG) is often a topic of speculation, as official figures are not always publicly disclosed. However, through various interviews, news reports, and public records, we can piece together an estimated range.
Global Context: Central Bank Governor Salaries
- According to the Governance Benchmarks 2022 report by Central Banking, Governor salaries globally can vary significantly.
- The report, based on data from 15 central banks, reveals a range from $71,500 (lowest, in the Americas) to a staggering $1 million per year (highest, in Europe).
- This wide range highlights the diverse compensation structures across different nations. (Source: www.centralbanking.com, 21/03/22)
Bank of Ghana Governor’s Salary: What We Know
- Reports from 2018 indicated the Governor’s monthly salary to be approximately GHC 124,100, positioning it as one of the highest public sector salaries in Ghana.1
- More recent sources suggest the monthly salary of the Governor of the Bank of Ghana (BOG) was GHS195,538.81.
- Further insights from various sources, including reports from The Fourth Estate, reveal additional financial details about the BoG:
- The average BoG employee earns approximately GHS 60,523 per month, or GHS 726,282 annually.
- Reportedly, BoG employees see an average salary increase of 68% per year.
- A significant benefit mentioned is an interest-free loan of GH¢566,818 available to each staff member.
- Notably, a 2022 audited report indicated that each of the 10 board members of the Bank of Ghana received GHC 510,000 in allowances for the year, despite the bank’s reported significant financial loss. This translates to roughly GHC 42,500 per month for each board member, a 60.9% increase from the previous year.
While the officially disclosed monthly salary of the Governor of the Bank of Ghana may not always be readily available, public records and reports provide a glimpse into the potential compensation. Based on the information gathered, the Governor’s monthly salary is substantial, aligning with the significant responsibilities of the role. Additionally, the financial details surrounding the Bank of Ghana, including average employee salaries, reported benefits, and board member allowances, offer a broader understanding of the institution’s financial landscape.
It’s important to note that salary figures can change over time and may not always be consistently reported in the public domain.
