Projected salary increases in Ghana signal optimistic outlook for 2025, according to Mercer
Mercer, a business of Marsh McLennan (NYSE: MMC) and a global leader in helping clients realise their investment objectives, shape the future of work and enhance health and retirement outcomes for their people. Mercer released today findings from the annual Total Remuneration Survey (TRS), which reveal overall salaries in Ghana are projected to increase by 15.5% across all industries in 2025 and that 21% of organisations are looking to increase headcount next year, indicating growing demand for talent.
More than 138 companies in Ghana were surveyed across various industries, including: energy, consumer goods, manufacturing, financial services and life sciences.
Companies in financial services are forecasting the highest increase to salaries at 24.3%, resulting from a strong demand for specialised skills, digital transformation initiatives and increased competition in the sector. While salary forecasts vary across specific industries, consumer goods and manufacturing are likely to provide increases of 13.2% and 13.1% respectively while energy and life sciences are aligned to the market, at 4%, signalling their continued stability and importance to the Ghanaian economy.
Results also revealed the voluntary turnover rate has increased in 2024 to 5.1% from 2.8% in 2023, signalling increasing attraction and retention challenges for Ghanaian organisations, with 28% surveyed facing difficulties in both hiring and retaining employees. This has led some employers to revise their compensation strategies for 2025 with organisations not looking to differentiate by career levels and are planning to provide the same, consistent increase across all levels.
“It is very encouraging to Ghanaian employers looking to increase base salaries in 2025, which is reflecting a resilient and optimistic economic outlook. However, cost pressures for employees from increasing cost of living expenses are leading HR professionals to explore flexible rewards and benefits programmes to remain competitive.” said, Spiros Fatouros, Marsh McLennan’s Africa and South Africa, Chief Executive Officer.
Mercer’s research also explored current trends related to the impact of Generative AI, automation and digital transformation is having on the workforce. As Ghanaian organisations increasingly implement AI and automation to boost efficiency and productivity, there is a rising demand for employees with digital competencies and the capacity to adapt to new technologies. This transition underscores the importance of upskilling and reskilling programmes while also creating opportunities for new tech-oriented positions, which can enhance the country’s economic development and global.
Keletjo Chiloane, Mercer’s
Africa Head of Career Services, added, “Generative AI and automation is rapidly transforming the job landscape in Ghana, which has led to a shift in the skills organisations need now and for future growth. Equally important how leadership, business and human resource professionals are nurturing a culture of digital literacy and openness to change, so that employees at all levels are prepared for the future of work.”
To address these emerging trends Mercer recommends organisations assess their current skill inventories to pinpoint gaps and areas for development which will influence their build, buy and borrow strategies. They also need to gain a better understanding of hiring and retention drivers to ensure they have the skills they need for the future. Developing a differentiated Employee Value Proposition (EVP) will be crucial in this new reality.
About Mercer
Mercer, a business of Marsh McLennan (NYSE: MMC), is a global leader in helping clients realize their investment objectives, shape the future of work and enhance health and retirement outcomes for their people. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit mercer.com, or follow on LinkedIn and X.
