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Govt Increases Salaries By 30% Amid Economic Crisis

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Govt Increases Salaries By 30% Amid Economic Crisis

 

Lifestyle Nigeria gathered that the Ghanaian government in conjunction with trade unions have agreed to increase the salaries of all public servants by 30 per cent for 2023.

This was disclosed in a joint statement, according to Al Jazeera, as the country struggles to reduce debt and tackle rampant inflation.

The cedi dropped heavily against the US dollar last year as government spending cuts and central bank interest rate hikes failed to tame the spiraling inflation, which rose to a new high of 54 percent last month.

It was gathered that trade unions in the country, who represent public servants, started negotiating salary rises with the government in November, with the two parties settling on a 30 per cent increase across board on Thursday, effective from January 1, 2023.

The negotiations started a few months after hardship spurred street protests that pushed the government to seek help from the International Monetary Fund.

In March of 2022, Ghana announced spending cuts which included lowering of ministers’ salaries.

The West African country is battling its worst economic crisis in a generation, with inflation hovering at a record 50.3 per cent, the highest in 21 years.

 

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