Wages & Salaries GHC1.9bn More Than Projected – BOG

The Monetary Policy Commitee (MPC) of the Bank of Ghana (BOG) have announced in a press conference   that the Government of Ghana paid GH¢7.5 billion in wages and salaries against a target of GH¢5.6 billion for the 2012 fiscal year.

The difference of GH¢1.9 billion represents a payment of 33.3% more than the projected figure of GH¢5.6 billion. The MPC explained that the difference was caused by the implementation of the Single Spine Salary Structure (SSSS).

In his state of the nation address on Thursday, February 21, 2013, President John Mahama said that the payment of Wages and Salaries accounted for a staggering 60.9% of all the national revenue raised.

The Government’s wage bill is likely to increase as some Trade Unions have threatened to go on strike if government does not meet the commitments made to them. The Trade Union Congress has also called for an increase in the minimum wage which has stood at GH¢4.48 a day since February last year.

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Jerome Kuseh

Accountant | Economist-in-Training | Finance Blogger
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