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Accounting and Finance Average Salaries in Ghana 2020

How much money does a person working in Accounting and Finance make in Ghana?


Average Monthly Salary
5,220 GHS
( 62,600 GHS yearly)

LOW
2,110
GHS
AVERAGE
5,220
GHS
HIGH
10,500
GHS

A person working in Accounting and Finance in Ghana typically earns around 5,220 GHS per month. Salaries range from 2,110 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.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner2,490 GHS
Account Executive4,580 GHS
Accountant3,310 GHS
Accounting Assistant2,550 GHS
Accounting Associate2,440 GHS
Accounting Clerk2,080 GHS
Accounting Coordinator2,990 GHS
Accounting Manager7,540 GHS
Accounting Supervisor4,970 GHS
Accounting Technician2,460 GHS
Accounts Executive4,350 GHS
Accounts Payable and Receivable Specialist3,470 GHS
Accounts Payable Clerk2,590 GHS
Accounts Payable Manager6,770 GHS
Accounts Receivable Clerk2,500 GHS
Accounts Receivable Manager6,420 GHS
Assistant Accounting Manager6,390 GHS
Assistant Auditor3,460 GHS
Audit Supervisor6,100 GHS
Auditing Clerk2,620 GHS
Auditing Manager7,150 GHS
Billing Coordinator3,170 GHS
Billing Specialist3,600 GHS
Billing Supervisor5,490 GHS
Bookkeeper2,320 GHS
Bookkeeping Specialist3,360 GHS
Budget Analyst5,970 GHS
Budget Manager7,020 GHS
Business Support Analyst3,900 GHS
Capital Markets Associate5,370 GHS
Cash Flow Analyst5,040 GHS
Cash Management Officer4,090 GHS
Cashbook Clerk2,340 GHS
Chartered Accountant4,460 GHS
Collections Clerk2,110 GHS
Collections Specialist3,610 GHS
Corporate Treasurer6,760 GHS
Cost Accountant3,580 GHS
Cost Accounting Manager6,900 GHS
Cost Analyst5,440 GHS
Credit and Collection Manager6,800 GHS
Credit and Collection Staff2,570 GHS
Credit and Loans Officer2,420 GHS
Credit Controller4,830 GHS
Debt Adviser5,940 GHS
Debt Collector2,840 GHS
Debtors Clerk2,350 GHS
Deputy CFO8,990 GHS
Derivative Trader6,190 GHS
Escrow Assistant3,190 GHS
External Auditor4,730 GHS
Finance Associate3,070 GHS
Finance Executive7,160 GHS
Finance Licensing Clerk2,470 GHS
Finance Licensing Manager6,420 GHS
Finance Licensing Specialist3,570 GHS
Finance Officer3,210 GHS
Finance President10,500 GHS
Finance Relationship Manager7,900 GHS
Finance Release Analyst4,050 GHS
Finance Team Leader 7,470 GHS
Financial Actuary5,250 GHS
Financial Administrator5,540 GHS
Financial Analyst6,310 GHS
Financial Applications Specialist4,260 GHS
Financial Assistant2,690 GHS
Financial Associate2,790 GHS
Financial Claims Analyst4,640 GHS
Financial Claims Manager6,030 GHS
Financial Commercial Analyst4,900 GHS
Financial Compliance Analyst5,390 GHS
Financial Consultant4,690 GHS
Financial Controller5,220 GHS
Financial Coordinator3,260 GHS
Financial Customer Service Manager6,520 GHS
Financial Dealer and Broker3,850 GHS
Financial Encoder2,940 GHS
Financial Manager9,880 GHS
Financial Operations Manager9,000 GHS
Financial Policy Analyst5,160 GHS
Financial Project Manager7,160 GHS
Financial Quantitative Analyst5,840 GHS
Financial Reporting Consultant5,200 GHS
Financial Reporting Manager6,370 GHS
Financial Services Sales Agent3,610 GHS
Fixed Assets Administrator3,670 GHS
Forensic Accountant3,990 GHS
Fraud Detection Supervisor4,320 GHS
Fraud Prevention Manager7,030 GHS
Fund Accountant3,240 GHS
Grants Coordinator2,510 GHS
Internal Auditor4,430 GHS
Internal Control Adviser5,520 GHS
Internal Control Officer3,000 GHS
Inventory Accountant3,500 GHS
Investment Analyst7,120 GHS
Investment Fund Manager7,520 GHS
Investment Underwriter2,810 GHS
Investor4,320 GHS
Investor Relations Manager6,600 GHS
KYC Team Leader6,440 GHS
Management Economist7,640 GHS
Paymaster2,740 GHS
Payroll Clerk3,060 GHS
Payroll Manager6,310 GHS
Pensions Administrator3,470 GHS
Pricing Analyst5,720 GHS
Private Equity Analyst5,960 GHS
Proposal Development Coordinator2,920 GHS
Receivables Accountant3,160 GHS
Regulatory Accountant3,820 GHS
Retirement Plan Analyst5,590 GHS
Revenue Management Specialist5,710 GHS
Revenue Recognition Analyst6,080 GHS
Risk Management Director8,370 GHS
Risk Management Supervisor6,770 GHS
Tax Accountant3,400 GHS
Tax Advisor5,360 GHS
Tax Associate3,000 GHS
Tax Manager6,860 GHS
Teller2,130 GHS
Treasury Accountant3,590 GHS
Treasury Analyst5,470 GHS
Underwriter2,440 GHS
Underwriting Assistant2,250 GHS
Vice President of Finance9,620 GHS

Accounting and Finance Jobs Salary Distribution in Ghana

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

  • Salary Range

    Accounting and Finance salaries in Ghana range from 2,110 GHS per month (minimum average salary) to 10,500 GHS per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 5,120 GHS per month, which means that half (50%) of people working in Accounting and Finance are earning less than 5,120 GHS while the other half are earning more than 5,120 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 Accounting and Finance 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 Accounting and Finance are earning less than 7,640 GHS while 25% are earning more than 7,640 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 25,300 Cedi(s) to 76,000 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.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Ghana Accounting and Finance
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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 Accounting and Finance earn 12% more than their female counterparts on average.

Male
5,520 GHS
Female-10%
4,950 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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Accounting and Finance Average Annual Salary Increment Percentage in Ghana

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

Accounting and Finance

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.

Annual Salary Increment Rate Ghana Accounting and Finance
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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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Accounting and Finance Bonus and Incentive Rates in Ghana

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Ghana Accounting and Finance
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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.

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.

Accounting and Finance Hourly Average Wage in Ghana


30 GHS per hour

The average hourly wage (pay per hour) in Ghana is 30 GHS. This means that the average person in Ghana earns approximately 30 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.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Ghana
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Accra5,540 GHS
Kumasi5,810 GHS

Government vs Private Sector Salary Comparison

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

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