A person working in Accounting and Finance in Ghana typically earns around 4,950 GHS per month. Salaries range from 2,260 GHS (lowest average) to 10,500 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 Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
|Job Title||Average Salary|
|Account Examiner||2,910 GHS|
|Account Executive||4,830 GHS|
|Accounting Assistant||3,070 GHS|
|Accounting Associate||3,230 GHS|
|Accounting Clerk||2,430 GHS|
|Accounting Coordinator||2,610 GHS|
|Accounting Manager||6,600 GHS|
|Accounting Supervisor||4,780 GHS|
|Accounting Technician||3,050 GHS|
|Accounts Executive||4,110 GHS|
|Accounts Payable and Receivable Specialist||3,800 GHS|
|Accounts Payable Clerk||2,530 GHS|
|Accounts Payable Manager||5,040 GHS|
|Accounts Receivable Clerk||2,620 GHS|
|Accounts Receivable Manager||5,150 GHS|
|Assistant Accounting Manager||4,120 GHS|
|Assistant Auditor||3,620 GHS|
|Audit Supervisor||6,200 GHS|
|Auditing Clerk||3,130 GHS|
|Auditing Manager||6,690 GHS|
|Billing Coordinator||4,000 GHS|
|Billing Specialist||3,720 GHS|
|Billing Supervisor||4,830 GHS|
|Bookkeeping Specialist||3,490 GHS|
|Budget Analyst||3,990 GHS|
|Budget Manager||5,730 GHS|
|Business Support Analyst||4,410 GHS|
|Capital Markets Associate||5,230 GHS|
|Cash Flow Analyst||4,740 GHS|
|Cash Management Officer||4,730 GHS|
|Cashbook Clerk||3,050 GHS|
|Chartered Accountant||4,280 GHS|
|Collections Clerk||2,480 GHS|
|Collections Specialist||3,320 GHS|
|Corporate Treasurer||8,770 GHS|
|Cost Accountant||4,080 GHS|
|Cost Accounting Manager||5,230 GHS|
|Cost Analyst||4,830 GHS|
|Credit and Collection Manager||5,550 GHS|
|Credit and Collection Staff||2,680 GHS|
|Credit and Loans Officer||2,670 GHS|
|Credit Controller||4,700 GHS|
|Debt Adviser||6,220 GHS|
|Debt Collector||4,300 GHS|
|Debtors Clerk||3,490 GHS|
|Deputy CFO||8,020 GHS|
|Derivative Trader||7,070 GHS|
|Escrow Assistant||4,050 GHS|
|External Auditor||4,830 GHS|
|Finance Associate||3,800 GHS|
|Finance Executive||7,760 GHS|
|Finance Licensing Clerk||3,030 GHS|
|Finance Licensing Manager||4,760 GHS|
|Finance Licensing Specialist||3,680 GHS|
|Finance Officer||5,350 GHS|
|Finance President||10,100 GHS|
|Finance Relationship Manager||6,650 GHS|
|Finance Release Analyst||4,620 GHS|
|Finance Team Leader||5,040 GHS|
|Financial Actuary||4,800 GHS|
|Financial Administrator||4,030 GHS|
|Financial Analyst||5,140 GHS|
|Financial Applications Specialist||3,250 GHS|
|Financial Assistant||2,890 GHS|
|Financial Associate||3,610 GHS|
|Financial Claims Analyst||4,570 GHS|
|Financial Claims Manager||5,080 GHS|
|Financial Commercial Analyst||4,140 GHS|
|Financial Compliance Analyst||4,790 GHS|
|Financial Consultant||4,650 GHS|
|Financial Controller||4,350 GHS|
|Financial Coordinator||4,270 GHS|
|Financial Customer Service Manager||6,010 GHS|
|Financial Dealer and Broker||4,470 GHS|
|Financial Encoder||2,760 GHS|
|Financial Manager||9,370 GHS|
|Financial Operations Manager||7,120 GHS|
|Financial Policy Analyst||4,660 GHS|
|Financial Project Manager||4,670 GHS|
|Financial Quantitative Analyst||5,220 GHS|
|Financial Reporting Consultant||4,970 GHS|
|Financial Reporting Manager||5,660 GHS|
|Financial Services Sales Agent||4,170 GHS|
|Fixed Assets Administrator||4,000 GHS|
|Forensic Accountant||3,750 GHS|
|Fraud Detection Supervisor||4,600 GHS|
|Fraud Prevention Manager||6,900 GHS|
|Fund Accountant||3,480 GHS|
|Grants Coordinator||3,050 GHS|
|Internal Auditor||4,800 GHS|
|Internal Control Adviser||5,160 GHS|
|Internal Control Officer||4,270 GHS|
|Inventory Accountant||7,430 GHS|
|Investment Analyst||6,510 GHS|
|Investment Fund Manager||6,390 GHS|
|Investment Underwriter||2,810 GHS|
|Investor Relations Manager||5,790 GHS|
|KYC Team Leader||5,600 GHS|
|Management Economist||5,150 GHS|
|Payroll Clerk||2,930 GHS|
|Payroll Manager||4,890 GHS|
|Pensions Administrator||3,590 GHS|
|Pricing Analyst||5,320 GHS|
|Private Equity Analyst||5,230 GHS|
|Proposal Development Coordinator||3,530 GHS|
|Receivables Accountant||3,210 GHS|
|Regulatory Accountant||3,840 GHS|
|Retirement Plan Analyst||5,030 GHS|
|Revenue Management Specialist||4,150 GHS|
|Revenue Recognition Analyst||5,940 GHS|
|Risk Management Director||7,720 GHS|
|Risk Management Supervisor||5,820 GHS|
|Tax Accountant||3,620 GHS|
|Tax Advisor||4,840 GHS|
|Tax Associate||3,810 GHS|
|Tax Manager||6,850 GHS|
|Treasury Accountant||3,700 GHS|
|Treasury Analyst||4,910 GHS|
|Underwriting Assistant||2,600 GHS|
|Vice President of Finance||7,080 GHS|
Accounting and Finance salaries in Ghana range from 2,260 GHS per month (minimum average salary) to 10,500 GHS per month (maximum average salary, actual maximum is higher).
The median salary is 4,850 GHS per month, which means that half (50%) of people working in Accounting and Finance are earning less than 4,850 GHS while the other half are earning more than 4,850 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.
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 Accounting and Finance are earning less than 3,200 GHS while 75% of them are earning more than 3,200 GHS. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 7,520 GHS while 25% are earning more than 7,520 GHS.
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
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.
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.
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.
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.
A Master's degree program or any post-graduate program in Ghana costs anywhere from 25,600 Cedi(s) to 76,700 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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees earn 17% more than their female counterparts.
Accounting and Finance 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.
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.
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
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.
Accounting and Finance 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 Accounting and Finance 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.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
|Average Salary 2016|
|Average Salary 2017||+4%|
|Average Salary 2018||+2%|
|Average Salary 2019||+3%|
Accounting and Finance salaries in Ghana are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.
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.
The average salary for Accounting and Finance is 3% less than that of All Jobs.