The Agbogbomefia of Asogli State, Togbe Afede XIV, has expressed concerns regarding the pay of Bank of Ghana (BoG) employees.
Togbe Afede XIV said in a column published on April 11, 2024, that the BoG paid its 2,203 employees GH₵1.62 billion (about £147.27 million, based on the average cedi-pound exchange rate for 2022).
Togbe Afede XIV made the following comparison between BoG and the Bank of England (BOE): BoG pays £66,851 per employee, while BoE pays £95,829 per employee.
He claims that as of the end of 2022, BOG employees owed the bank GH₵566,046 (£51,459) on average, or per employee, in contrast to BOE employees who do not receive loans from their company.
The comparison between the operating profits and expenses of BoG and the Bank of England (BOE) is striking. For instance, BOG paid its 2,203 employees GH₵1.62 billion (£147.27 million at the average cedi-pound exchange rate for 2022), or £66,851 per employee, or about 38 times Ghana’s GDP per capita.
In contrast, BOE, whose average workforce was 4,675 people according to their financial report for 2021–2022, spent £448 million, or £95,829 per person, which is roughly 2.6 times the GDP per capita of the UK. As of the end of 2022, BoG employees owe the bank GH₵566,046 (£51,459) on average, or per employee, in contrast to BOE employees who do not receive loans from their employer.
Asogli State’s Agbogbomefia noted that BoG’s personnel expenses came to GH₵1.62 billion in 2022.
The human costs of the bank came to GH₵1.62 billion. With 2,203 workers, this translates to an enormous GH₵735,361 in average salary per worker in 2022, or GH₵61,280 per worker each month, inclusive of other allowances. Additionally, these workers had staff loans totaling GH₵1.247 billion, or GH₵566,046 per person, according to him.
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