Ghana sees 250% depreciation of cedi in eight years

The Trades Union Congress (TUC) says Ghana has recorded a 250 per cent depreciation of the cedi in the last eight years, coupled with inflation of more than 25 per cent, resulting in a huge drop in living standards. of the citizen.

TUC Eastern Regional Secretary Phyllis Agyemang said in an Organized Labor Party speech that the decline was mainly due to Ghana’s over-reliance on imported goods whose prices were directly influenced by foreign currencies.

“The cedi exchange rate is now almost GH¢14 per US dollar, compared to about GH¢4 in 2016. That means workers who earned a monthly salary of GH¢1,000 in 2016 were taken to home the equivalent of 250 US dollars. Today, GH¢1,000 is equivalent to only 71 US dollars,” he said.

Mrs Agyemang addressed over 800 workers representing about 20 organizations from the Eastern Region who gathered in Koforidua to celebrate Labor Day.

The celebration had as its theme: “Election 2024: The role of workers and social partners in ensuring peaceful elections for national development.”

Ms. Agyemang observed that most workers depended on loans to cover some basic needs such as house rent and school fees, among others; However, the interest required to be paid was higher than 30 percent, as the informal sector charged up to 50 percent interest.

He said that with the country’s current economic crisis and relatively high wages, what the TUC negotiated for workers over the past two years had lost its real value.

Therefore, the only thing left for Ghana, Mrs. Agyemang mentioned, is peace, which is priceless and must be protected at all costs from political tricks.

“At least we enjoy relative peace compared to other countries in the subregion. The peace we are enjoying is priceless and that is why we must never allow partisan politics to destroy it,” he stated.

Mrs Agyemang appealed to the government to rectify the problems caused by frequent power outages destroying people’s properties in the country.

He said it was unfortunate that Ghanaians were experiencing ‘dumsor’ again after all they had been through in the past and pleaded with the authorities to do something quickly to resolve the problem.