The Secretary-General of the Trades Union Congress (TUC) has called upon Ghanaians to diminish their dependence on imports and prioritize consuming domestically produced goods as a crucial measure to stabilize the cedi against major international currencies.
Dr. Anthony Yaw Baah highlighted that the significant depreciation of the cedi, reaching approximately 250 per cent from 2016 to the present, signifies a substantial decline in the living standards of Ghanaian workers. He attributed this trend to the nation’s heavy reliance on imported goods, the prices of which are directly influenced by the exchange rate of the cedi against major international currencies such as the US dollar and the pound sterling.
Dr. Baah made this call during the 2024 National May Day Parade at the Independence Square in Accra yesterday, held under the theme: “Election 2024: The Role of Workers and Social Partners in Securing Peaceful Elections for National Development.”
Present at the event were President Nana Addo Dankwa Akufo-Addo, his vice, Dr. Mahamudu Bawumia, leaders of the Ghana Employers Association, representatives from the International Labour Organisation (ILO), and members of the diplomatic corps.
The occasion attracted workers from across the country wearing branded T-shirts of their various unions and companies. Others carried placards, some of which read: “Domestic Workers Are Pillars of the Economy”, “Exempt HIV/AIDS Commodities from Taxes and Levies”, “Save Energy Today for Brighter Tomorrow”, and Our Disabilities Don’t Define Our Work”.
Dr. Baah highlighted that the current exchange rate of GH¢14 to $1, compared to about GH¢4 to $1 in 2016, has resulted in a significant decrease in the purchasing power of Ghanaian workers. For instance, individuals who earned a monthly salary of GH¢1,000 in 2016 were effectively taking home the equivalent of $250 at the time, whereas today, the same GH¢1,000 is valued at only $71.
This, combined with an inflation rate of 25 per cent and interest rates on loans exceeding 30 per cent, has led to an unbearable increase in the cost of living for the average Ghanaian. As a result, meeting basic needs such as food, school fees, and rent advances has become increasingly challenging for Ghanaian workers.
The TUC Secretary-General said younger people were completing school, especially from tertiary education institutions, without finding jobs “and the trouble is that there seemed to be no end of this socio-economic hardship in sight”.
He said the relatively high wage increases the union negotiated for their members last two years had lost their real values, “so comrades, we have a lot of work to do to protect the working people of Ghana”.
Peaceful election
Dr Baah said it was incumbent on all Ghanaians to work to protect the enviable peace the country had been enjoying over the years, noting that “the peace we are enjoying is priceless so we should never allow partisan politics to destroy it”.
He said it was for the same reason that the executive committee of the TUC selected the Inspector General of Police (IGP), Dr George Akuffo Dampare, for its special May Day Award in recognition of his sterling leadership of the Ghana Police Service and his invaluable contribution to peace and security in all parts of the country since his appointment in 2021.
He said during his tenure, Ghana had held three by-elections and, in all cases, they had been peaceful. Dr Baah said labour recently held discussions with the various state institutions in charge of holding elections, especially the Electoral Commission (EC), and the police to brief them about their preparations where they all indicated that they were ready for a peaceful election.
SSNIT
He also said the labour front had some concerns about the activities of the SSNIT and, therefore, called on President Akufo-Addo for dialogue about their concerns.
May Day
The day is marked as a holiday to celebrate the contributions of workers to national development and nation-building. The May Day celebration has been a platform for workers to directly advocate better conditions of service and bring up other work-related issues.
This year’s event was marked on the theme: “Election 2024: The Role of Workers and Social Partners in Securing Peaceful Elections for National Development”. The organisation of the celebration, which was led by the Trades Union Congress (TUC), saw workers in Accra converge on the Black Star Square.
The atmosphere at the Black Star Square was filled with excitement as the workers, without any restrictions, interacted with one another. In all, about 43 workers from the various labour unions were honoured for their distinguished and meritorious services.
They were presented with citations.