President Akufo-Addo has asserted that Ghana’s recent economic difficulties were not the result of mismanagement by the government but rather stemmed from factors beyond its control, notably the COVID-19 pandemic.
He recalled that prior to the pandemic, Ghana’s economy was among the world’s fastest-growing, attributing this success to the measures implemented by his administration during his first term in office.
Addressing the Workers’ Day gathering in Accra on Wednesday, he said “Ghana’s recent economic challenges were not self-inflicted.
Until the pandemic, we were, year-on-year during my first term, one of the fastest-growing economies in the entire world. The global landscape was subsequently severely impacted by external factors beyond our control, foremost amongst them being the COVID-19 pandemic.
“Moreover, the escalation of tensions following the Russian invasion of Ukraine further exacerbated these difficulties leading to increased volatility in global markets and heightened uncertainties.”
During the May Day celebration, President Akufo-Addo pledged to address labor concerns to enhance a favorable environment.
He praised workers for their contributions to the nation’s growth and emphasized their importance in national affairs. Additionally, he reiterated his government’s dedication to ensuring peace and security in the country.
“Securing peace is not only necessary for the electioneering campaign but also vital for the stability of the labour front. The peaceful and stable labour front will create a conducive environment for government to implement its policies and programmes and for the economy to grow.”
“Government hereby reiterates its resolve to address the concerns of labour in the interest of national development,” said President Akufo-Addo, adding that “the upward adjustment of the base pay by 23 percent in the first half of the year and by 25 percent in the second half of the year is a demonstration of the government’s commitment to improving and protecting public sector incomes.”
Dr. Yaw Baah, the Secretary General of the Trades Union Congress (TUC), used his address to urge the Electoral Commission to ensure free, fair, and transparent elections.
He also called on the Police and the Judiciary to fulfill their roles effectively to guarantee credible polls.
Dr. Baah expressed concerns about the economic hardships, noting that the IMF program has not produced the expected results for workers. He expressed skepticism about the economic situation, suggesting that there may be no immediate relief in sight.
“It appears there is no end in sight for the challenges, we were told that an IMF bailout will help but we know that an IMF bailout can’t be the solution to the economic hardship…We have a lot to do to protect the workers of Ghana,” he said.
Dr. Yaw Baah highlighted the need to reduce importation as a means to address the depreciation of the Cedi. He emphasized that this step is crucial in tackling the currency’s challenges.
Internationally, May Day is celebrated as a tribute to laborers and the working classes, promoted by the international labor movement. It falls on May 1st each year.
In Ghana, this year’s May Day was themed “Elections 2024: The Role of Workers and Social Partners in Securing Peaceful Elections for National Development.”