The Secretary-General of the Trades Union Congress (TUC) has called on Ghanaians to reduce their dependence on imports and instead support local production as a key measure to stabilize the cedi against major international currencies.
Dr. Anthony Yaw Baah emphasized that the significant depreciation of the cedi, amounting to approximately 250 percent from 2016 to the present, has resulted in a substantial decline in the living standards of Ghanaian workers.
He attributed this trend to the country’s heavy reliance on imported goods, whose prices are directly impacted by the exchange rate of the cedi against major international currencies such as the US dollar and the pound sterling.
Dr Baah made the call during the 2024 National May Day Parade at the Independence Square in Accra yesterday. It was on 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, Vice President Dr. Mahamudu Bawumia, leaders of the Ghana Employers Association, representatives from the International Labour Organisation (ILO), and members of the diplomatic corps.
The gathering drew workers from all over the country, clad in branded T-shirts representing their respective 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 pointed out that the current exchange rate of GH¢14 to $1, as opposed to approximately GH¢4 to $1 in 2016, meant that workers who earned a monthly salary of GH¢1,000 in 2016 were receiving the equivalent of $250 at that time, but today the same GH¢1,000 is worth $71.
This, combined with an inflation rate of 25 percent and interest rates on loans exceeding 30 percent, has made the high cost of living unbearable for the average Ghanaian. It has also exacerbated the challenge of Ghanaian workers in meeting basic needs such as food, school fees, and rent advances.
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 mentioned that the labor sector had certain concerns regarding the operations of SSNIT and thus appealed to President Akufo-Addo for a dialogue to address these concerns.
May Day
The day is observed as a holiday dedicated to honoring the contributions of workers to national development and the building of the nation. The May Day celebration serves as a forum for workers to advocate for improved conditions of service and address other work-related concerns directly.
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 brimmed with excitement as workers freely engaged with each other.
In total, 43 workers from different labor unions were recognized for their outstanding and meritorious contributions. They received citations in acknowledgment of their achievements.