Ghana is classified as a middle-income economy wherein the services industry accounts for about 45% of the GDP, followed by the manufacturing industry that accounts for 27.74%. The country’s economic condition is expected to grow further by 5.3% at the end of 2022.
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ll resident individuals are taxed on their worldwide income, including employment, business, or investment income. Resident individuals are also taxed on their foreign sourced income. However, non-residents are taxed on their income in Ghana.
Income tax rates for residents include —
Non-resident individuals pay a flat rate of 25%.
Contribution toward social security in Ghana is mandatory. Therefore, employers must ensure that employee contributions are deducted as a part of the payroll process. The social security contributions are below –
The Ghanaian labor laws provide for a number of mandatory leaves that employers must offer their employees. The statutory benefits in Ghana include —
1. mandatory social security contributions by both employers and employees ensure that all individuals in Ghana receive pension benefits at the time of their retirement.
2. Employees are entitled to paid statutory leaves, which include –
3. The Ghanaian government has set the standard working hours at forty per week with a five day workweek (employees can Pan maximum of eight). However, there are some exceptions to this rule including cases where an employee's request for more time off is granted or if they're employed by larger companies who have offices outside of Accra.
Overtime pay in such cases is 150% of an employee’s regular pay.
Employers commonly provide fringe benefits that do not form a part of an employee’s compensation. Fringe benefits are provided to an employee in addition to their regular salary.
Commonly offered fringe benefits include –
There are certain benefits that an employee working in Ghana can claim —
The best way for an employer to show their appreciation of hard work and dedication is through long-term benefits. Employees will often be rewarded with company specific goals, such as stock options or other forms of equity ownership that provide incentives over time horizons greater than one year when they achieve certain performance milestones within the business unit/organization where employed.
Commonly offered long-term incentives in Ghana include —
The Termination process is based on type of contract and reason for termination. Termination can be done through written notice by either party given proper reasoning. Below are some examples of improper termination, If the employee
The Notice period for Ghanaian employees can be up to one month.
There is a provision for redundancy pay subject to negotiation between the employer and the worker or trade union. In case of dismissals for non economic reasons, there is no severance pay.
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