The term chief financial officer (CFO) refers to a senior executive responsible for managing the financial actions of a company.
The CFO’s duties include tracking cash flow and financial planning as well as analyzing the company’s financial strengths and weaknesses and proposing corrective actions.
Here is Chief Finance Officer Salary In Ghana
What are the qualifications of a chief financial officer?
Most CFOs of large companies have finance qualifications such as a Master of Business Administration (MBA), Master of Science (in either Finance or Accounting), CFA, or come from an accounting background such as a Certified Public Accountant.
Is a chief financial officer a director?
In some jurisdictions as part of a unitary board structure, the CFO is a director of a company with statutory duties.
For a unitary board composed of both executive and non-executive directors with the CFO appointed to the board as a fiduciary director, there will be an additional dimension and purpose to their role.
How much money does a Chief Financial Officer make in Ghana?
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.
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.
Chief Financial Officer Salary Comparison by Years of Experience
How does experience and age affect your pay?
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.
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 |