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Chief Financial Officer Average Salary in Ghana 2020

How much money does a Chief Financial Officer make in Ghana?


Average Monthly Salary
10,500 GHS
( 126,000 GHS yearly)

LOW
5,680
GHS
AVERAGE
10,500
GHS
HIGH
15,900
GHS

A person working as a Chief Financial Officer in Ghana typically earns around 10,500 GHS per month. Salaries range from 5,680 GHS (lowest) to 15,900 GHS (highest).

This is the average monthly salary including housing, transport, and other benefits. Chief Financial Officer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Chief Financial Officer Salary Distribution in Ghana

Median and salary distribution monthly Ghana Chief Financial Officer
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The median, the maximum, the minimum, and the range

  • Salary Range

    Chief Financial Officer salaries in Ghana range from 5,680 GHS per month (minimum salary) to 15,900 GHS per month (maximum salary).

  • Median Salary

    The median salary is 9,670 GHS per month, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 9,670 GHS while the other half are earning more than 9,670 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 Chief Financial Officer(s) are earning less than 6,910 GHS while 75% of them are earning more than 6,910 GHS. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 11,700 GHS while 25% are earning more than 11,700 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

Chief Financial Officer Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Ghana Chief Financial Officer
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Chief Financial Officer salaries by experience level and this is what we found.

A Chief Financial Officer with less than two years of experience makes approximately 6,590 GHS per month.

While someone with an experience level between two and five years is expected to earn 8,330 GHS per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 11,000 GHS per month, 32% more than someone with two to five years of experience.

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.

Additionally, Chief Financial Officer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 12,900 GHS per month, 18% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 14,300 GHS per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 15,200 GHS per month, 6% more than people with fifteen to twenty years of experience.


Chief Financial Officer average salary change by experience in Ghana

0 - 2 Years
6,590 GHS
2 - 5 Years+26%
8,330 GHS
5 - 10 Years+32%
11,000 GHS
10 - 15 Years+18%
12,900 GHS
15 - 20 Years+11%
14,300 GHS
20+ Years+6%
15,200 GHS
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Chief Financial Officer Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Chief Financial Officer(s) who have the same experience but different education levels.

Salary comparison by education level monthly Ghana Chief Financial Officer
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Chief Financial Officer salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Chief Financial Officer is 8,020 GHS per month.

While someone with a Certificate or Diploma gets a salary of 9,040 GHS per month, 13% more than someone having a High School degree.

A Bachelor's Degree gets its holder an average salary of 11,900 GHS per month, 32% more than someone with a Certificate or Diploma.

Professionals who hold a Master's Degree are rewarded with an average salary of 14,700 GHS per month, 24% more than someone with Bachelor's Degree.


Chief Financial Officer average salary difference by education level in Ghana

High School
8,020 GHS
Certificate or Diploma+13%
9,040 GHS
Bachelor's Degree+32%
11,900 GHS
Master's Degree+24%
14,700 GHS
Percentage increase and decrease are relative to the previous value

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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Chief Financial Officer Salary Comparison By Gender

Salary comparison by gender monthly Ghana Chief Financial Officer
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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 Chief Financial Officer employees in Ghana earn 7% more than their female counterparts on average.

Male
10,800 GHS
Female-7%
10,100 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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Chief Financial Officer Average Annual Salary Increment Percentage in Ghana

How much are annual salary increments in Ghana for Chief Financial Officer(s)? How often do employees get salary raises?

Chief Financial Officer

Chief Financial Officer(s) in Ghana are likely to observe a salary increase of approximately 14% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Ghana Chief Financial Officer
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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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Chief Financial Officer Bonus and Incentive Rates in Ghana

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Ghana Chief Financial Officer
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A Chief Financial Officer is considered to be a high bonus-based job 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.

25% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 75% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
75%
No Bonus
25%

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.

Chief Financial Officer Average Hourly Wage in Ghana


61 GHS per hour

The average hourly wage (pay per hour) in Ghana is 61 GHS. This means that the average Chief Financial Officer in Ghana earns approximately 61 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.

Chief Financial Officer VS Other Jobs

Salary Comparison Between Chief Financial Officer and Executive and Management monthly Ghana
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The average salary for Chief Financial Officer is 53% more than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Coordinator4,790 GHS-54%
Administration Manager5,680 GHS-46%
Area Manager5,010 GHS-52%
Asset Protection Associate6,090 GHS-42%
Assistant Director5,380 GHS-49%
Assistant Manager5,890 GHS-44%
Assistant Operations Manager6,660 GHS-37%
Assistant Project Manager5,690 GHS-46%
Assistant Section Head4,550 GHS-57%
Assistant to CEO5,430 GHS-48%
Assistant Vice President6,020 GHS-43%
Associate Director5,820 GHS-45%
Bid Manager6,400 GHS-39%
Branch Manager6,310 GHS-40%
Business Development Manager7,240 GHS-31%
Business Operations Associate5,500 GHS-48%
Business Operations Lead6,160 GHS-41%
Campaign Manager6,560 GHS-38%
Chairman of The Board10,600 GHS+1%
Chairman Office Manager6,850 GHS-35%
Chief Corporate Officer8,970 GHS-15%
Chief Executive Officer10,800 GHS+3%
Chief Financial Officer10,500 GHS-0%
Chief of Staff5,160 GHS-51%
Chief Operating Officer7,980 GHS-24%
Chief Risk Officer7,250 GHS-31%
Client Services Manager7,040 GHS-33%
Commercial Project Manager6,100 GHS-42%
Commodity Broker4,380 GHS-58%
Corporate Affairs Executive6,310 GHS-40%
Corporate Compliance Director6,780 GHS-35%
Corporate Director7,750 GHS-26%
Corporate Officer5,290 GHS-50%
Corporate Partnerships Officer5,030 GHS-52%
Country Manager8,490 GHS-19%
Deputy Director7,860 GHS-25%
Director8,530 GHS-19%
Director of Accreditation7,230 GHS-31%
Director of Catering Services6,390 GHS-39%
Director of Client Services6,680 GHS-36%
Director of Facilities Management5,740 GHS-45%
Director of Operations7,230 GHS-31%
Director of Process Simplification5,910 GHS-44%
Director of Project Management7,930 GHS-25%
Director of Revenue Management6,550 GHS-38%
Director of Training and Development7,190 GHS-32%
Distribution Manager7,550 GHS-28%
Division Manager6,380 GHS-39%
Duty Manager6,560 GHS-38%
Engagement Manager7,770 GHS-26%
Executive Director10,700 GHS+2%
Executive Manager8,570 GHS-18%
Franchise Manager9,520 GHS-9%
General Manager8,290 GHS-21%
Global Master Data Manager7,810 GHS-26%
Head of Middle Office6,680 GHS-36%
Head of Projects7,620 GHS-27%
Head of Sustainability5,970 GHS-43%
Housing Manager5,740 GHS-45%
HSE Manager5,780 GHS-45%
Key Account Manager5,810 GHS-45%
Knowledge Manager6,720 GHS-36%
Location Manager6,770 GHS-36%
Logistics Manager5,710 GHS-46%
Management Consultant5,520 GHS-47%
Management Executive8,110 GHS-23%
Manager7,220 GHS-31%
Managing Director9,090 GHS-14%
MIS Executive7,190 GHS-32%
Ocean Services Manager7,290 GHS-31%
Operations Assistant5,290 GHS-50%
Operations Director8,210 GHS-22%
Operations Executive7,760 GHS-26%
Operations Manager7,920 GHS-25%
Operations Supervisor6,530 GHS-38%
Policy Administration Executive6,340 GHS-40%
Private Sector Executive6,730 GHS-36%
Product Development Manager7,160 GHS-32%
Product Executive6,220 GHS-41%
Production Executive7,370 GHS-30%
Production Manager7,550 GHS-28%
Production Supervisor6,440 GHS-39%
Program Manager7,520 GHS-28%
Programme Coordinator5,350 GHS-49%
Project Control Manager7,920 GHS-25%
Project Coordinator4,290 GHS-59%
Project Management Officer5,040 GHS-52%
Project Manager5,380 GHS-49%
Project Portfolio Manager5,590 GHS-47%
Quality Manager5,690 GHS-46%
R/D Director6,230 GHS-41%
Regional Director10,500 GHS-0%
Regional Manager7,660 GHS-27%
Relationship Manager7,450 GHS-29%
Retail District Manager5,430 GHS-48%
Revenue Manager5,690 GHS-46%
Risk and Capital Manager8,230 GHS-22%
Risk Officer5,410 GHS-49%
Safety Manager5,310 GHS-49%
Section Head5,740 GHS-45%
Service Manager5,620 GHS-47%
Shift Supervisor4,570 GHS-57%
Solutions Manager4,970 GHS-53%
Supervisor4,550 GHS-57%
Supply Chain Manager7,780 GHS-26%
Surveyor5,090 GHS-52%
Technical Manager7,030 GHS-33%
Territory Manager7,250 GHS-31%
Validation Manager6,220 GHS-41%
Vice President8,760 GHS-17%
Zone Manager7,420 GHS-29%

Salary Comparison By City

CityAverage Salary
Accra10,700 GHS
Kumasi10,800 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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