Ghana’s daily minimum wage of GHc14.88 can only buy a loaf of bread, a pint of beer- IEA’s Kwakye

The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said that the daily minimum wage in Ghana is woefully inadequate.

In his view, the wage of GHS14.88 can only buy a loaf of bread, a litre of petrol, or a pint of beer.

“Ghana’s daily minimum wage of GHc14.88 can only buy a loaf of bread, a litre of petrol, or a pint of beer! This is an indictment on our political leadership and economic managers!” Dr Kwakye tweeted on Thursday, March 2.

The national daily minimum wage was recently increased from GH¢13.53 in 2022 to GH¢14.88 pesewas for the year 2023.

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The Minister of Employment and Labour Relations, Ignatius Baffuor Awuah announced this on Wednesday, November 16, 2022.

This was after organized Labour, the Ghana Employers Association and the government had a series of meetings on the determination of the wage for 2023.

The Minister said at a press conference in Accra on Wednesday, November 16 that, the national tripartite committee concluded the negotiations and “we think this is the best time to communicate to Ghanaians on the outcome of the negotiations.”

The committee, he said, took into account the current economic challenges, cost of living, sustainability of businesses and desirability of attaining higher levels of employment.

“The committee concluded on the need to increase the national daily minimum wage by 10 per cent over the 2022 national daily minimum wage which translates into new national daily minimum wage of GH¢14.88 pesewas and a cost of living allowance of 15 per cent over the 2023 national daily minimum wage.

“The effective date for the implementation of the 2023 national daily minimum wage shall be 1st January 2023.

“All establishments, institutions, organizations whose daily minimum wages are below the new rate should adjust accordingly effective 1st January 2023,” he said.

Source:3news.com