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Banking Average Salaries in Ghana 2020

How much money does a person working in Banking make in Ghana?


Average Monthly Salary
5,600 GHS
( 67,100 GHS yearly)

LOW
1,730
GHS
AVERAGE
5,600
GHS
HIGH
11,300
GHS

A person working in Banking in Ghana typically earns around 5,600 GHS per month. Salaries range from 1,730 GHS (lowest average) to 11,300 GHS (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst7,620 GHS
Assistant Bank Branch Manager6,340 GHS
Assistant Bank Manager8,430 GHS
ATM Manager6,990 GHS
ATM Service Technician1,890 GHS
Bank Accounts Analyst2,980 GHS
Bank Accounts Controller3,830 GHS
Bank Accounts Executive5,580 GHS
Bank Accounts Manager6,360 GHS
Bank Auditing Manager6,610 GHS
Bank Branch Manager8,810 GHS
Bank Clerk1,640 GHS
Bank Compliance Specialist4,420 GHS
Bank Manager10,300 GHS
Bank Operational Risk Manager9,670 GHS
Bank Operations Head10,900 GHS
Bank Operations Officer4,280 GHS
Bank Operations Specialist6,330 GHS
Bank Process Manager5,540 GHS
Bank Product Manager 6,820 GHS
Bank Programme Manager6,920 GHS
Bank Project Manager8,260 GHS
Bank Propositions Manager7,130 GHS
Bank Quantitative Analyst5,320 GHS
Bank Regional Manager10,900 GHS
Bank Regional Risk Officer5,640 GHS
Bank Relationship Manager7,820 GHS
Bank Relationship Officer3,660 GHS
Banker3,580 GHS
Banking Business Analyst5,440 GHS
Banking Business Development Officer3,470 GHS
Banking Business Planning Executive7,440 GHS
Banking Product Manager6,330 GHS
Banking Reference Data Manager5,710 GHS
Banking Risk Analyst5,430 GHS
Banking Technical Analyst2,830 GHS
Bankruptcy Coordinator3,690 GHS
Budget Analyst5,130 GHS
Cards Marketing Manager7,030 GHS
Cash Management Manager9,520 GHS
Check Processing Manager6,920 GHS
Commercial Vault Associate5,090 GHS
Corporate Dealer5,640 GHS
Credit Analyst4,340 GHS
Credit and Collections Manager7,410 GHS
Credit Card Fraud Investigator5,580 GHS
Credit Portfolio Manager9,990 GHS
Credit Risk Analyst5,910 GHS
Credit Risk Associate5,970 GHS
Direct Bank Sales Representative3,750 GHS
Financial Bank Planning Consultant7,160 GHS
Financial Banking Analysis Manager7,510 GHS
Financial Banking Assistant2,650 GHS
Financial Banking Systems Manager7,430 GHS
Foreign Exchange Manager7,800 GHS
Fraud Analyst5,590 GHS
Fraud Detection Associate3,800 GHS
Fraud Detection Manager7,950 GHS
Fraud Detection Supervisor4,500 GHS
Internal Bank Audit Manager10,000 GHS
Internal Bank Auditor5,230 GHS
International Banking Manager10,900 GHS
Loan Analyst5,330 GHS
Loan Area Manager6,660 GHS
Loan Audit Team Leader6,240 GHS
Loan Branch Manager6,070 GHS
Loan Business Development Officer3,210 GHS
Loan Clerk1,840 GHS
Loan Collection Manager6,120 GHS
Loan Collector1,780 GHS
Loan Examiner2,330 GHS
Loan Processing Manager5,660 GHS
Loan Processor2,320 GHS
Loan Quality Assurance Auditor5,660 GHS
Loan Quality Assurance Manager6,190 GHS
Loan Quality Assurance Representative4,050 GHS
Loan Review Manager6,010 GHS
Loan Team Leader5,270 GHS
Mortgage Advisor3,560 GHS
Mortgage Collection Manager6,510 GHS
Mortgage Collector1,790 GHS
Mortgage Credit Analyst2,850 GHS
Mortgage Credit Manager5,890 GHS
Mortgage Development Manager6,620 GHS
Mortgage Document Reviewer2,450 GHS
Mortgage Funding Manager7,140 GHS
Mortgage Operations Manager9,630 GHS
Mortgage Payment Processing Clerk2,090 GHS
Mortgage Processing Manager6,200 GHS
Mortgage Processor2,390 GHS
Mortgage Quality Assurance Auditor5,310 GHS
Mortgage Quality Assurance Manager5,970 GHS
Mortgage Servicing Clerk1,820 GHS
Mortgage Servicing Manager5,660 GHS
Mortgage Underwriter2,190 GHS
Online Banking Manager9,060 GHS
Payment Processing Clerk1,810 GHS
Personal Banker3,770 GHS
Personal Banking Advisor 3,900 GHS
Phone Banker2,640 GHS
Private Banker4,010 GHS
Reconciliation and Investigation Specialist4,240 GHS
Teller1,790 GHS
Trade Officer2,240 GHS
Trade Product Manager6,300 GHS
Trader2,590 GHS
Treasury Operations Officer4,900 GHS

Banking Jobs Salary Distribution in Ghana

Median and salary distribution monthly Ghana Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Ghana range from 1,730 GHS per month (minimum average salary) to 11,300 GHS per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 5,480 GHS per month, which means that half (50%) of people working in Banking are earning less than 5,480 GHS while the other half are earning more than 5,480 GHS. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 3,250 GHS while 75% of them are earning more than 3,250 GHS. Also from the diagram, 75% of people working in Banking are earning less than 8,230 GHS while 25% are earning more than 8,230 GHS.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Ghana costs anywhere from 25,400 Cedi(s) to 76,100 Cedi(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Ghana Banking
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Ghana who work in Banking earn 17% more than their female counterparts on average.

Female
5,180 GHS
Male+17%
6,060 GHS
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Ghana for all Careers

Salary comparison by gender monthly Ghana
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Banking Average Annual Salary Increment Percentage in Ghana

How much are annual salary increments in Ghana for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Ghana are likely to observe a salary increase of approximately 10% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Ghana Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Ghana / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Ghana is 5%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Ghana for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Ghana

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Ghana Banking
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Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

27% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 73% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.

Received Bonus
73%
No Bonus
27%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Ghana
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Where can you get paid more, working for a private company or for the government? Public sector employees in Ghana earn 8% more than their private sector counterparts on average across all sectors.

Private Sector
4,860 GHS
Public Sector+8%
5,230 GHS
Percentage increase and decrease are relative to the previous value

Banking Hourly Average Wage in Ghana


32 GHS per hour

The average hourly wage (pay per hour) in Ghana is 32 GHS. This means that the average person in Ghana earns approximately 32 GHS for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Ghana
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The average salary for Banking is 10% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Accra5,940 GHS
Kumasi6,230 GHS
4750 - 4

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