Secretary-General of the Trades Union Congress (TUC), Dr. Anthony Yaw Baah has advocated for reduction of import dependence and embracing local products to stabilize the cedi against global currencies.
At the 2024 National May Day Parade themed “Election 2024: The Role of Workers and Social Partners in Securing Peaceful Elections for National Development,” Dr Baah highlighted the cedi’s 250% depreciation since 2016, attributing it to overreliance on imports.
He said “because of our over-reliance on imported goods whose prices were directly affected by the exchange rate of the cedi in terms of the major international currencies such as the US dollar and the pound sterling.”
This trend, he noted, severely impacts living standards, emphasising the urgent need for change.
Leaders, including President Nana Addo Dankwa Akufo-Addo and representatives from various sectors, convened at the Independence Square in Accra for the event.
Dr Baah stressed that the current exchange rate of GH¢14 to $1, compared to GH¢4 to $1 in 2016, significantly reduces purchasing power, exacerbating the challenges faced by workers in meeting basic needs.
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.