Ghana revises national daily minimum wage for 2024

Changes in national daily minimum wage

In line with Section 113 (1) (a) of the Labour Act, 2003 (Act 651), the National Tripartite Committee has increased the national daily minimum wage from GHS 14.88 to GHS 18.15 effective from 1^st January 2024.

All establishments, institutions or organizations whose daily minimum wages are below the new rate should adjust accordingly.

Changes in minimum insurable earnings

As per Section 3 (4) National Pensions Act, 2008 (Act 766), the minimum contribution on which the SSNIT is calculated is 18.5% of the approved monthly equivalent of the national daily minimum wage.

In line with the increase to the national daily minimum wage, the new monthly minimum SSNIT ceiling and contribution effective 1 January 2024 is as follows.

• Monthly minimum ceiling: GHS 18.15 x 27 days = GHS 490,05
• Monthly minimum contribution: GHS 490.05 x 18.5% = GHS 90.66

Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change.