Business News of 2014-02-06

Things are getting out of hand – TUC

The Trade Union Congress (TUC) has indicated that workers have come to their tether and could no longer bear the hardship in the country.

Citing rising cost of transport, accommodation including the sharp fall of the cedi, the TUC General Secretary, Kofi Asamoah, unequivocally admitted on Joy News Wednesday that “of course there is hardship now”.

He said the present economic doldrums are having adverse implications on the salaries of workers, which demand immediate interventions from the central government.

Proceeds from the oil resources have “not probable been expended to our benefit”, he emphasized.

He also lamented that the feedback the TUC is getting from the Public Interest and Accountability Committee (PIAC) concerning revenues from Ghana’s oil is “not in good taste at all”.

“Ghanaians are facing difficult times; I think we need urgent attention in solving these problems,” the TUC boss asserted.

He said these among other factors influenced their decision to issue a strong worded statement to government in which it “expressed grave concern about the nature of economic policies and the quality of economic management”.

Mr. Kofi Asamoah revived TUC’s stance on government decision to freeze salary increment for 2014 and demanded that government backed down on it.

The statement signed by Kofi Asamoah accused the government of adopting an obstinate stance against the advice to create employment and reduce poverty.

“Sadly, the managers of our national economy have chosen to ignore the advice of the TUC and many other brilliant suggestions that have been put forward by other civil society organizations.

“Instead, those in charge of our economy have chosen to rely on the economic policy advice of ‘experts’ at the International Monetary Fund (IMF) and the World Bank.”

It further noted: “These bad economic policy choices have been exacerbated by pervasive corruption, cronyism, incompetence, and extreme partisanship. The chickens have now come home to roost.”

Describing Ghana’s struggling currency, the TUC noted: “the cedi has now found itself in the slaughterhouse having fallen in value against all the major international currencies. And it continues to fall.”