BoG spent GH¢1.62 billion on 2,203 employees – Togbe Afede XIV

The Bank of Ghana spent a whopping GH¢1.62 billion on 2,203 employees in 2022, the Agbogbomefia of the Asogli State, Togbe Afede XIV, has said in his latest report sighted by GhanaWeb Business.

He said the aforementioned amount was equivalent to £147.27 million during the exchange rate in the year under review - 2022.

Togbe Afede XIV further accused staff of the Bank of Ghana of owing the central bank GH¢566,046; in pound terms, £51,459.

He explained that these employees had secured staff loans of GH¢1.247 billion, an average of GH¢566,046 per head.

He wondered how a technically bankrupt institution was funding its exorbitant expenditures.

"It is difficult to believe how some of BoG's operating incomes and expenses compare with those of the Bank of England (BoE). For example, BoG spent GH¢1.62 billion (£147.27 million at the 2022 average cedi-pound exchange rate) on its 2,203 employees, that is, £66,851 per employee, about 38x Ghana’s GDP per capita..."

"BoE, on the other hand, with an average labor force of 4,675 per their 2021-22 financial report, spent £448 million, that is, £95,829 per employee, about 2.6x UK’s GDP per capita. Unlike BoE staff who do not receive loans from their employer, BoG staff owe the bank GH¢566,046 (£51,459) on average or per employee as at the end of 2022," he said.

"The Bank’s personnel costs amounted to GH¢1.62 billion. With a total of 2,203 employees, this equals an average remuneration of a colossal GH¢735,361 per employee in 2022 or GH¢61,280 monthly per employee, including several allowances. These employees also had staff loans amounting to GH¢1.247 billion, an average of GH¢566,046 per head," he added.

Comparing Bank of Ghana with the Bank of England (BOE), Togbe Afede XIV said BoG pays every employee £66,851 while BoE pays £95,829 per employee.

SA/BB

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