Accra:The Bank of Ghana (BoG) has revealed that it experiences between 50 and 60 staff retirements each year, necessitating consistent recruitment efforts to fill these vacancies.
According to Ghana Web, Governor Dr. Johnson Asiama highlighted the impact of these retirements on the central bank's staffing strategy during the 132nd Monetary Policy Committee press conference held in Accra. He emphasized that the regular intake of new employees is essential to address the skills gap created by technological advancements and evolving demands in the financial sector.
Dr. Asiama noted that the BoG has widened its operational scope to include areas such as virtual assets, data analytics, artificial intelligence, and cybersecurity. This expansion requires employees with specialized expertise, driving the need for targeted recruitment.
Looking ahead, Dr. Asiama stated that the bank plans to slow down its recruitment efforts next year, aligning future hiring more closely with the annual number of retirements. He explained that the focus would shift to maintaining a balance between employee intake and those leaving due to retirement.
To retain skilled personnel, particularly in specialized roles, Dr. Asiama mentioned the importance of offering competitive employment conditions. He underlined that significant investment in staff training underscores the need to ensure employee retention at the BoG.
In addressing concerns about staff costs, Dr. Asiama defended them by noting their proportion relative to total operational expenses. He stated the goal is to keep staff costs below 40 of the bank's total operating costs. Furthermore, he identified the most significant financial burden on the bank as stemming from Open Market Operations, which he described as the 'cost of stability.'