Depreciation of cedi causing huge decline in living standards of Ghanaians - TUC 

The Trades Union Congress (TUC) has bemoaned the effect of the nation’s currency depreciation on the livelihoods of Ghanaians.

Edith Amenuvor Afewu, Volta Regional Secretary of the Congress said a 250 percent depreciation of the past decade greatly compounded the woes of the populace particularly workers and needed to be addressed. 

She raised the lamentation, while delivering the May Day address at the Jubilee Park in Ho, where the celebration was being held for workers in the Volta and Oti Regions.

“We are celebrating this year’s May Day at the time Ghanaian workers and their families are grappling with high cost of living and inflation of over 25 per cent. Exchange rate of the Cedi now almost GH¢14 to one dollar. 

“The depreciation of the Ghana Cedi at this monumental scale represents a huge decline in living standards of Ghanaians, generally, and workers in particular,” the Regional Secretary said.

The TUC blamed an “over-reliance” on imports for the majority essential goods and services, and the Regional Secretary further mentioned how workers had been affected by the present high interest rate regime.

Mrs Afewu said upward adjustments in the minimum wage and salary increments failed to level off the currency scales, and therefore workers would have to put in extra efforts to ensure stakeholders addressed the situation.

“We were told that an IMF bailout would help. But we know that an IMF bailout cannot be a solution to Ghana’s self-inflicted economic hardship. The relatively high wage increases we negotiated for workers in the last two years have lost their real value. So, comrades, we have a lot of work to do to protect the working people of Ghana.”

This year’s May Day Celebration is on the theme: Election 2024: The role of Workers and Social Partners in Securing Peaceful Elections for National Development,” and the TUC made a call to the populace to safeguard the peace of the nation.

The Inspector General of Police received praise for exceptional leadership, and the Union was of the hope the keenly contested elections would be held and declared peacefully.

Mrs Afewu appealed to the Government to honour pensioners contributions, also ratify the International Labor Organisation convection and other laws benefit workers.

Dr. Archibald Yao Letsa, Volta Regional Minister said voter education and awareness should be supported by the Trade Union and encourage active citizenship.

He said the government took note of various concerns raised by worker unions and would be forwarded to appropriate quarters.

Various worker unions in the Volta and Oti Regions joined a march parade to mark the celebration, and awards citations were given out to deserving members.