Average Monthly Salary is the average amount of money earned by workers in a particular industry, economy, area, etc. during a particular period of time
Below is the Average Monthly Salary In Ghana
A person working in Ghana typically earns around 5,070 GHS per month. Salaries range from 1,280 GHS (lowest average) to 22,600 GHS (highest average, the actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Distribution of Salaries in Ghana
The median, the maximum, the minimum, and the range
Salary Range
Salaries in Ghana range from 1,280 GHS per month (minimum salary) to 22,600 GHS per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 4,660 GHS per month, which means that half (50%) of the population are earning less than 4,660 GHS while the other half are earning more than 4,660 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 the population are earning less than 2,680 GHS while 75% of them are earning more than 2,680 GHS. Also from the diagram, 75% of the population are earning less than 12,600 GHS while 25% are earning more than 12,600 GHS.
Salary Comparison by Years of Experience
How does a person’s salary progress over time?
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.
Salary Comparison By Education
How does the education level affect your salary?
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 certificate or diploma.
Professionals who attained a Master’s Degree are awarded salaries that are 29% more than those with a Bachelor’s Degree.
Finally, Ph.D. 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 to 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.
Salary Comparison By Gender
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 earn 7% more than their female counterparts on average across all sectors.
| Male | 5,220 GHS | |
| Female | -7% | 4,870 GHS |
Average Annual Salary Increment Percentage in Ghana
How much are annual salary increments in Ghana? How often do employees get salary raises?
Ghana
Employees in Ghana are likely to observe a salary increase of approximately 8% every 19 months.
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.
The term ‘Annual Salary Increase’ usually refers to the increase in 12 calendar month period, but because it is rare 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 2020
| 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 2020. 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.
Average Salary Increase Rate by Experience Level
| Junoir Level | 3% – 5% | |
| Mid-Career | 6% – 9% | |
| Senior Level | 10% – 15% | |
| Top Management | 15% – 20% |
The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.
Average monthly living wage in Ghana 2016-2019
In 2019, the individual living wage in Ghana amounted to 900 Ghana cedis (GHS) (approximately 154.78 U.S. dollars) per month, which was an increase of 40 GHS (around 6.87 U.S. dollars) compared to the previous year. Overall, the individual monthly living wage in the country grew from 880 GHS (roughly 151.12 U.S. dollars) in 2015 to 900 GHS in 2018.