Average Compliance Officer Salary in Ghana for 2024

In this article, we will look at the average Compliance Officer salary for 2024 in Ghana and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Ghanaian cedi. To keep things simple, we are using the GHS currency code instead of the currency symbol โ‚ต.

How Much Does a Compliance Officer Make in Ghana?

A Compliance Officer working in Ghana will typically earn around 48,740 GHS per year, and this can range from the lowest average salary of about 22,340 GHS to the highest average salary of 77,060 GHS.

Average Annual Salary
48,740 GHS
Average Monthly Salary
4,061 GHS

Lowest Annual Salary
22,340 GHS
Lowest Monthly Salary
1,861 GHS

Highest Annual Salary
77,060 GHS
Highest Monthly Salary
6,421 GHS

These are average salaries for a Compliance Officer in Ghana and include benefits such as housing and transport. It's also possible for a Compliance Officer to earn more or less than the average salaries shown above.

Compliance Officer salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Compliance Officer Salaries in Ghana

So we've looked at the average salaries a Compliance Officer will earn in Ghana. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Compliance Officer can earn between 22,340 GHS and 77,060 GHS on average in Ghana. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Compliance Officer in Ghana is 49,300 GHS. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 49,300 GHS, and 50% of the population earn more than 49,300 GHS.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Compliance Officer salary in Ghana, 25% of the population are earning less than 33,960 GHS while 75% of the population earn more than 33,960 GHS.

75% of the population earn less than 61,680 GHS, and 25% of the population earn more than 61,680 GHS.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Compliance Officer Salary by Experience Level in Ghana

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average compliance officer salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Compliance Officer in Ghana that has less than two years of experience can expect to earn somewhere in the region of 26,280 GHS.
  • 2 - 5 Years Experience. With two to five years of experience the average Compliance Officer salary would increase to 35,000 GHS.
  • 5 - 10 Years Experience. From five to ten years of experience as a Compliance Officer, the average salary would be 48,300 GHS.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 62,060 GHS.
  • 15 - 20 Years Experience. A Compliance Officer with 15 to 20 years of experience can earn an average of 65,800 GHS.
  • 20+ Years Experience. For a Compliance Officer with more than 20 years, the expected average salary increases to 69,040 GHS.

Average Salary by Experience Chart

0-2 Years
26,280 GHS
2-5 Years +29%
35,000 GHS
5-10 Years +38%
48,300 GHS
10-15 Years +24%
62,060 GHS
15-20 Years +7%
65,800 GHS
20+ Years +7%
69,040 GHS

Compliance Officer Salary by Education Level in Ghana

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Compliance Officer in Ghana based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Compliance Officer in Ghana with a certificate or diploma education can earn an average salary of 35,000 GHS.

  • Bachelor's Degree. A Compliance Officer in Ghana with a bachelor's degree education can earn an average salary of 46,880 GHS.

  • Master's Degree. A Compliance Officer in Ghana with a master's degree education can earn an average salary of 75,280 GHS.

Average Salary by Education Chart

Certificate or Diploma
35,000 GHS
Bachelor's Degree +34%
46,880 GHS
Master's Degree +53%
75,280 GHS

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Ghana is around 25,300 to 76,000 GHS and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Compliance Officer Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Ghana, a male compliance officer will earn an average of 50,020 GHS, while a female compliance officer will earn around 46,160 GHS.

This means that a male compliance officer earns approximately 8% more than a female compliance officer for performing the same job.

Average Salary by Gender Chart in Ghana

Male
50,020 GHS
Female -8%
46,160 GHS

Compliance Officer Average Pay Raise in Ghana

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Compliance Officer in Ghana is around 10% every 19 months.

The national average pay raise across all professions and industries in Ghana is around 8% every 19 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 10 ÷ 19 ) × 12  = 6%

What this means is that a Compliance Officer in Ghana can expect to receive an average pay raise of around 6% every 12 months.

Annual Pay Raise by Industry in Ghana for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Ghana.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Compliance Officer Bonus and Incentive Rates in Ghana

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Compliance Officer is a low bonus based job, with 27% of employees reporting at least one bonus in the last 12 months.

73% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 0% to 4%.

Received Bonus
27%
No Bonus
73%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Ghana earn approximately 8% more than private sector employees in the same role.

Public Sector
62,460 GHS
Private Sector -8%
57,620 GHS

Salaries for Jobs Similar to a Compliance Officer

In the table below, we have salary information for jobs that are similar to a Compliance Officer in Ghana.

Job Title Category Salary
Actuarial Analyst Insurance 75,220 GHS
Actuarial Assistant Insurance 59,380 GHS
Actuarial Specialist Insurance 56,640 GHS
Actuary Insurance 73,820 GHS
Adjustment Insurance Clerk Insurance 21,640 GHS
Assistant Broker Insurance 39,960 GHS
Assistant Claims Manager Insurance 62,100 GHS
Associate Insurance Representative Insurance 30,700 GHS
Auditing Insurance Manager Insurance 82,720 GHS
Broker Insurance 59,380 GHS
Claim Advocacy Professional Insurance 61,180 GHS
Claims Adjuster Insurance 21,980 GHS
Claims Analyst Insurance 29,600 GHS
Claims Examiner Insurance 31,400 GHS
Claims Manager Insurance 82,200 GHS
Claims Processor Insurance 21,020 GHS
Claims Representative Insurance 27,040 GHS
Claims Resolution Specialist Insurance 64,040 GHS
Claims Supervisor Insurance 60,880 GHS
Complaints Specialist Insurance 56,140 GHS
Compliance Examiner Insurance 52,820 GHS
Compliance Reviewer Insurance 56,460 GHS
Consultant Insurance 58,200 GHS
Eligibility Interviewer Insurance 62,460 GHS
Eligibility Specialist Insurance 60,020 GHS
Insurance Account Manager Insurance 72,420 GHS
Insurance Accounts Executive Insurance 67,560 GHS
Insurance Adjuster Insurance 58,200 GHS
Insurance Agent Insurance 32,420 GHS
Insurance Analyst Insurance 59,000 GHS
Insurance Appraiser Insurance 56,460 GHS
Insurance Claims Clerk Insurance 21,380 GHS
Insurance Examiner Insurance 54,500 GHS
Insurance Investigator Insurance 55,580 GHS
Insurance Manager Insurance 99,460 GHS
Insurance Operations Manager Insurance 97,300 GHS
Insurance Policy Processing Clerk Insurance 19,940 GHS
Insurance Pricing Assistant Insurance 47,720 GHS
Insurance Program Manager Insurance 77,060 GHS
Insurance Project Manager Insurance 70,880 GHS
Insurance Quality Assurance Agent Insurance 48,300 GHS
Insurance Sales Agent Insurance 33,520 GHS
Insurance Sales Director Insurance 98,120 GHS
Insurance Sales Manager Insurance 78,940 GHS
Insurance Sales Representative Insurance 29,320 GHS
Insurance Team Leader Insurance 61,400 GHS
Insurance Underwriter Insurance 45,600 GHS
Loss Control Specialist Insurance 54,560 GHS
Loss Prevention Investigator Insurance 58,000 GHS
Loss Prevention Manager Insurance 82,200 GHS
Loss Prevention Specialist Insurance 66,820 GHS
Marine Underwriter Insurance 47,540 GHS
Medical Auditor Insurance 57,440 GHS
Monitoring and Performance Officer Insurance 40,640 GHS
Payment Services Specialist Insurance 56,460 GHS
Policy Change Director Insurance 92,400 GHS
Policy Change Supervisor Insurance 60,600 GHS
Policy Change Technician Insurance 29,040 GHS
Risk Analyst Insurance 66,260 GHS
Risk Management Director Insurance 114,900 GHS
Risk Management Supervisor Insurance 73,260 GHS
Risk Manager Insurance 104,920 GHS
Risk Modeling Manager Insurance 115,520 GHS
Title Insurance Typist Insurance 49,700 GHS
Training Manager Insurance 66,180 GHS

Salary Comparison by City

If you want to compare salaries with different cities in Ghana, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Accra 41,790 GHS
Kumasi 47,080 GHS

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