The Deputy Governor of the Bank of Ghana, Dr. Asiama, has clarified that the bank's staff cost is not up to half of 40% of its operational cost. He made this statement during the 132nd Monetary Policy Committee (MPC) press conference in Accra on Thursday, September 24. According to Dr. Asiama, the staff cost needs to be put into proper context, comparing it to the level of operational cost. The rule of thumb is for staff cost not to exceed 40% of the operational cost.
Dr. Asiama explained that when he took over leadership at the central bank, there were several areas that needed attention, including monitoring the virtual asset space, data analytics, and artificial intelligence. The new leadership had to take the initiative to monitor these spaces, which required additional hands to be recruited. He also revealed that every year, between 50 and 60 staff members of the BoG retire, and hence they need to be replaced.
The Deputy Governor emphasized that the bank's staff cost is significant, but it will taper down over time. He added that last year, the bank did a bit of recruitment, but from next year, it will go down deeply, and over time, it will match the number of retirements on a yearly basis. Dr. Asiama noted that the bank needs to be competitive in terms of staff remuneration to retain highly skilled staff.
The Bank of Ghana's operational cost is influenced by several factors, including the Open Market Operations (OMO) cost, which is the cost of stability. Dr. Asiama stated that the real cost pressures, as far as the bank's financials are concerned, have to do with two key things: the OMO cost and the cost of maintaining financial stability.
The bank's recruitment drive has raised questions about its sustainability. Dr. Asiama addressed this concern, stating that the bank needs to recruit new skills to meet its mandate in the context of evolving trends in technology. He noted that the FinTech space is changing rapidly, and the bank needs to be prepared for it.
The Bank of Ghana's efforts to enhance its monitoring and regulatory capabilities have led to an increase in staff numbers. Dr. Asiama explained that the bank needs to bring in new staff to keep up with the evolving trends in technology and to monitor the virtual asset space. He emphasized that the bank's staff cost is not excessive, considering its operational cost.
The Bank of Ghana's Monetary Policy Committee press conference was held on September 24, 2026. During the conference, Dr. Asiama provided insights into the bank's financials and recruitment drive. He emphasized that the bank's staff cost is manageable and that it will continue to monitor its operational cost to ensure financial stability.
Key points
- The Bank of Ghana's staff cost is not up to half of 40% of its operational cost.
- The bank's recruitment drive is aimed at enhancing its monitoring and regulatory capabilities.
- The bank's staff cost will taper down over time, matching the number of retirements on a yearly basis.
