Every year between 50 and 60 staff of Bank of Ghana retire - BoG Governor

Dr Johnson Asiama, Governor of the Bank of Ghana, explained that the central bank has undergone significant recruitment last year to fill gaps left by a lack of monitoring in various areas such as virtual assets, data analytics, artificial intelligence, and cyber monitoring. He stated that his new leadership took the initiative to address these gaps, requiring additional staff to be hired.

Every year, between 50 to 60 staff members retire from the Bank of Ghana, necessitating replacements. Asiama addressed this during a press conference of the Monetary Policy Committee, emphasizing that staff costs need to be considered in the context of the central bank's evolving responsibilities. He also highlighted the need for competitive salaries to retain top talent in the rapidly changing FinTech landscape.

Asiama assured that the bank's staff costs are currently not exceeding 40 percent of operational costs, and over time, the recruitment will align with the number of retirements, making the costs more manageable. The main financial pressures for the Bank of Ghana, he said, are related to the operational cost of maintaining stability (OMO cost).