Rajevac has already returned to Ghana and will take over with the goal of qualifying for next year's World Cup championships in Qatar from a group that includes Bafana Bafana, Ethiopia, and Zimbabwe, all of which have recently changed coaches.
According to Ghanaian media, the Serbian will receive USD45 000 (about R665 000) each month if he returns to The Black Stars
The two-year deal for Rajevac is performance based.
His appointment has been approved by the Sports Ministry following meets with the Ghana FA.
Rajevac’s predecessor Charles Kwablah Akonnor earned USD25 000 (approximately R370 000) in the same job for which Avram Grant was paid double when he was in charge between 2015-17.
Earnings of local coaches are always dwarfed by those of expatriate gaffers on the continent which has always created debate and tension over issues related to respect and appreciation.
Rajevac's two-year contract is performance-based.
Following meetings with the Ghana FA, the Sports Ministry accepted his hiring.
Rajevac's predecessor, Charles Kwablah Akonnor, was paid USD25,000 (about R370 000) for the same work that Avram Grant was paid double for between 2015 and 2017.
Local coaches' earnings have traditionally been dwarfed by those of expatriate gaffers on the continent, causing discussion and friction over problems of respect and appreciation.
The veteran Serbian will receive additional benefits as part of his package, and his first assignment will be two games versus The Warriors next month.
The 67-year-old was Ghana's coach during their memorable World Cup run in 2010, when they advanced to the last eight.
Hugo Broos, the Bafana Bafana coach, is among the continent's highest paid, with Egypt's Carlos Queiroz, who is at the top of the list.
Rajevac earns far more than Croatian coach Zdravko Logarusic, who was paid USD7800 (about R115 000) each month as Zimbabwe coach.
Despite winning just one game in 14, Rajevac is walking away with almost USD200 000 (about R3 million) as a result of his dismissal.
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