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 salaries in Ghana range from 5,680 GHS per month (minimum salary) to 15,900 GHS per month (maximum 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.
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.
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 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.
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.
|0 - 2 Years|
|2 - 5 Years||+26%|
|5 - 10 Years||+32%|
|10 - 15 Years||+18%|
|15 - 20 Years||+11%|
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.
|Certificate or Diploma||+13%|
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.
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.
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.
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.
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.
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.
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 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.
|Job Title||Average Salary|
|Account Coordinator||4,790 GHS||-54%|
|Administration Manager||5,680 GHS||-46%|
|Area Manager||5,010 GHS||-52%|
|Asset Protection Associate||6,090 GHS||-42%|
|Assistant Director||5,380 GHS||-49%|
|Assistant Manager||5,890 GHS||-44%|
|Assistant Operations Manager||6,660 GHS||-37%|
|Assistant Project Manager||5,690 GHS||-46%|
|Assistant Section Head||4,550 GHS||-57%|
|Assistant to CEO||5,430 GHS||-48%|
|Assistant Vice President||6,020 GHS||-43%|
|Associate Director||5,820 GHS||-45%|
|Bid Manager||6,400 GHS||-39%|
|Branch Manager||6,310 GHS||-40%|
|Business Development Manager||7,240 GHS||-31%|
|Business Operations Associate||5,500 GHS||-48%|
|Business Operations Lead||6,160 GHS||-41%|
|Campaign Manager||6,560 GHS||-38%|
|Chairman of The Board||10,600 GHS||+1%|
|Chairman Office Manager||6,850 GHS||-35%|
|Chief Corporate Officer||8,970 GHS||-15%|
|Chief Executive Officer||10,800 GHS||+3%|
|Chief Financial Officer||10,500 GHS||-0%|
|Chief of Staff||5,160 GHS||-51%|
|Chief Operating Officer||7,980 GHS||-24%|
|Chief Risk Officer||7,250 GHS||-31%|
|Client Services Manager||7,040 GHS||-33%|
|Commercial Project Manager||6,100 GHS||-42%|
|Commodity Broker||4,380 GHS||-58%|
|Corporate Affairs Executive||6,310 GHS||-40%|
|Corporate Compliance Director||6,780 GHS||-35%|
|Corporate Director||7,750 GHS||-26%|
|Corporate Officer||5,290 GHS||-50%|
|Corporate Partnerships Officer||5,030 GHS||-52%|
|Country Manager||8,490 GHS||-19%|
|Deputy Director||7,860 GHS||-25%|
|Director of Accreditation||7,230 GHS||-31%|
|Director of Catering Services||6,390 GHS||-39%|
|Director of Client Services||6,680 GHS||-36%|
|Director of Facilities Management||5,740 GHS||-45%|
|Director of Operations||7,230 GHS||-31%|
|Director of Process Simplification||5,910 GHS||-44%|
|Director of Project Management||7,930 GHS||-25%|
|Director of Revenue Management||6,550 GHS||-38%|
|Director of Training and Development||7,190 GHS||-32%|
|Distribution Manager||7,550 GHS||-28%|
|Division Manager||6,380 GHS||-39%|
|Duty Manager||6,560 GHS||-38%|
|Engagement Manager||7,770 GHS||-26%|
|Executive Director||10,700 GHS||+2%|
|Executive Manager||8,570 GHS||-18%|
|Franchise Manager||9,520 GHS||-9%|
|General Manager||8,290 GHS||-21%|
|Global Master Data Manager||7,810 GHS||-26%|
|Head of Middle Office||6,680 GHS||-36%|
|Head of Projects||7,620 GHS||-27%|
|Head of Sustainability||5,970 GHS||-43%|
|Housing Manager||5,740 GHS||-45%|
|HSE Manager||5,780 GHS||-45%|
|Key Account Manager||5,810 GHS||-45%|
|Knowledge Manager||6,720 GHS||-36%|
|Location Manager||6,770 GHS||-36%|
|Logistics Manager||5,710 GHS||-46%|
|Management Consultant||5,520 GHS||-47%|
|Management Executive||8,110 GHS||-23%|
|Managing Director||9,090 GHS||-14%|
|MIS Executive||7,190 GHS||-32%|
|Ocean Services Manager||7,290 GHS||-31%|
|Operations Assistant||5,290 GHS||-50%|
|Operations Director||8,210 GHS||-22%|
|Operations Executive||7,760 GHS||-26%|
|Operations Manager||7,920 GHS||-25%|
|Operations Supervisor||6,530 GHS||-38%|
|Policy Administration Executive||6,340 GHS||-40%|
|Private Sector Executive||6,730 GHS||-36%|
|Product Development Manager||7,160 GHS||-32%|
|Product Executive||6,220 GHS||-41%|
|Production Executive||7,370 GHS||-30%|
|Production Manager||7,550 GHS||-28%|
|Production Supervisor||6,440 GHS||-39%|
|Program Manager||7,520 GHS||-28%|
|Programme Coordinator||5,350 GHS||-49%|
|Project Control Manager||7,920 GHS||-25%|
|Project Coordinator||4,290 GHS||-59%|
|Project Management Officer||5,040 GHS||-52%|
|Project Manager||5,380 GHS||-49%|
|Project Portfolio Manager||5,590 GHS||-47%|
|Quality Manager||5,690 GHS||-46%|
|R/D Director||6,230 GHS||-41%|
|Regional Director||10,500 GHS||-0%|
|Regional Manager||7,660 GHS||-27%|
|Relationship Manager||7,450 GHS||-29%|
|Retail District Manager||5,430 GHS||-48%|
|Revenue Manager||5,690 GHS||-46%|
|Risk and Capital Manager||8,230 GHS||-22%|
|Risk Officer||5,410 GHS||-49%|
|Safety Manager||5,310 GHS||-49%|
|Section Head||5,740 GHS||-45%|
|Service Manager||5,620 GHS||-47%|
|Shift Supervisor||4,570 GHS||-57%|
|Solutions Manager||4,970 GHS||-53%|
|Supply Chain Manager||7,780 GHS||-26%|
|Technical Manager||7,030 GHS||-33%|
|Territory Manager||7,250 GHS||-31%|
|Validation Manager||6,220 GHS||-41%|
|Vice President||8,760 GHS||-17%|
|Zone Manager||7,420 GHS||-29%|
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.