Cost Per Employee in Ghana's Banking Sector.

Which Banks Operate the Most Efficient Workforce?

Employee costs represent one of the largest operating expenses for banks. While higher spending can reflect greater investment in talent and technology, lower spending may indicate leaner operations or different business models. Understanding cost per employee helps investors, analysts, and policymakers compare operational efficiency across institutions.

Cost per employee in Ghana's Banking Sector FY 2025

Using FY2025 audited financial statements from 14 Ghanaian banks, this analysis estimates personnel cost per employee by dividing total personnel expenses by disclosed year-end headcount. Where comparable headcount data was unavailable, institutions were excluded from the ranking to preserve consistency.

The results reveal significant differences across the sector. Standard Chartered recorded the highest personnel cost per employee at approximately GH¢931,000, followed by Absa at GH¢724,000 and Ecobank at GH¢700,000. At the opposite end, GT Bank recorded the lowest figure at GH¢216,000, less than one quarter of Standard Chartered's level.

Contrary to popular assumptions, ownership alone does not explain the variation. While several foreign-linked banks appear near the top of the ranking, Access Bank Ghana and Zenith, both Nigerian-owned, fall below the sector average. Likewise, GT Bank, another Nigerian-owned institution, records the lowest cost per employee among the ranked banks. This suggests that business model, staffing structure, compensation policies, and productivity are likely more influential than ownership alone.

The sector average stands at GH¢457,000 per employee, providing a useful benchmark for comparison. Banks significantly above this threshold may reflect premium compensation structures, specialised talent, or smaller workforces. Those below the average may benefit from scale, automation, or lower average compensation costs. Importantly, a lower cost per employee does not automatically imply greater efficiency, just as a higher cost does not necessarily indicate inefficiency. Productivity, revenue generation, and profitability must also be considered.

The year-over-year analysis highlights notable changes. OmniBSIC recorded the largest increase following a restatement of personnel costs, while CalBank and Ecobank also reported substantial growth. These movements may reflect salary adjustments, organisational restructuring, workforce optimisation, or changes in accounting presentation.

The analysis also underscores the importance of transparent reporting. Stanbic Bank and GCB were excluded because comparable headcount disclosures were unavailable, illustrating how inconsistent reporting can limit cross-bank comparisons. Greater standardisation of workforce disclosures would improve transparency and allow for more robust benchmarking across the industry.

Overall, cost per employee provides valuable insight into workforce economics but should always be interpreted alongside profitability, revenue per employee, cost-to-income ratio, digital maturity, and strategic positioning. Used together, these indicators offer a more complete view of operational performance within Ghana's banking sector.

Join our WhatsApp group to receive data viz insights on Ghana and Africa directly: https://chat.whatsapp.com/JCqBvBWfqjILTxiaCqFhCx?mode=wwt