Mercer, a global leader in workforce and investment management, has released the findings of its annual Total Remuneration Survey (TRS), forecasting a 15.5% increase in salaries across all sectors in Ghana for 2025. This projected growth reflects an optimistic outlook for the country’s economy, with 21% of surveyed organizations also planning to expand their workforce next year, signalling an increasing demand for skilled talent.
The survey, which included responses from 138 companies spanning industries such as energy, consumer goods, manufacturing, financial services, and life sciences, shows that financial services firms are leading the way with a projected salary increase of 24.3%. This surge is driven by a strong demand for specialized skills, ongoing digital transformation initiatives, and heightened competition within the sector.
While salary increases vary across industries, companies in consumer goods and manufacturing sectors are expected to offer average increases of 13.2% and 13.1%, respectively. Meanwhile, the energy and life sciences sectors are predicted to see more modest increases of around 4%, reflecting their ongoing stability and significance within the Ghanaian economy.
The report also highlighted a concerning rise in employee turnover, with voluntary resignation rates climbing to 5.1% in 2024, up from 2.8% the previous year. This increase indicates greater challenges in talent attraction and retention, with 28% of surveyed companies citing difficulties in both hiring and keeping employees. In response, many organizations are reassessing their compensation strategies for 2025, with some choosing to offer uniform salary increases across all career levels, rather than differentiating by position or seniority.
Spiros Fatouros, CEO of Marsh McLennan Africa and South Africa, remarked on the findings, saying, “It is very encouraging to see Ghanaian employers looking to increase base salaries, which is a sign of a resilient and optimistic economic outlook. However, the increasing cost of living pressures on employees has led many HR professionals to explore flexible rewards and benefits programs to remain competitive in this evolving market.”
Mercer’s survey also examined the impact of digital transformation, including Generative AI and automation, on the workforce in Ghana. As organizations increasingly adopt these technologies to enhance efficiency and productivity, there is a growing demand for employees with digital skills and the ability to adapt to technological changes. The rise of AI and automation is reshaping job roles, creating new opportunities for tech-oriented positions, and underscoring the need for upskilling and reskilling initiatives to ensure a future-ready workforce.
Keletjo Chiloane, Mercer’s Africa Head of Career Services, commented on these shifts, stating, “Generative AI and automation are rapidly transforming the job landscape in Ghana, changing the skills organizations need for both current and future growth. It is equally important for leadership, business, and HR professionals to nurture a culture of digital literacy and adaptability, ensuring that employees at all levels are prepared for the future of work.”
To navigate these emerging trends, Mercer recommends that organizations conduct assessments of their current skill inventories to identify gaps and areas for development. This will help influence strategies around talent acquisition and retention. Furthermore, developing a differentiated Employee Value Proposition (EVP) will be key for organizations to attract and retain the right skills in this rapidly changing environment.
As Ghana moves into 2025, the combined factors of robust salary growth, increased workforce expansion, and the ongoing digital transformation paint a promising yet challenging picture for employers and employees alike.
