Francis-Xavier Sosu, Member of Parliament for Madina, has stated that the 10% increase in the minimum wage is insufficient for workers because the cost of living in Ghana remains high and the local currency continues to depreciate against major trading currencies.
Francis-Xavier Sosu, Member of Parliament for Madina, has stated that the 10% increase in the minimum wage is insufficient for employees because the cost of living in Ghana remains high and the local currency continues to depreciate against major trading currencies.
He believes that the minuscule increase from GH13.53pesewas to GH14.88pesewas will have no good influence on the lives of government employees in the face of the economic crisis.
In an interview with Citi News, the congressman stated that the only way Ghanaians could breathe a sigh of relief in this teetering economy was to stabilize it.
“When you consider minimum wage and inflation and devaluation are still high, fuel prices are rising, these rises will eat away at this increase,” he said. This indicates that the government must revisit the wage. That will be fantastic, but more significantly, the government must take immediate efforts to stabilize the economy; otherwise, I do not believe the modification of the minimum wage will have any real influence on the lives of ordinary Ghanaians.”
After various stakeholder interactions, the National Tripartite Committee (NTC) increased the minimum wage from GH13.53pesewas to GH14.88pesewas on Wednesday, November 16, 2022.
The negotiations were conducted in accordance with Section 113 (1) (a) of the Labour Act of 2003. (Act 651).
Following the slight increase in the minimum wage, Ignatius Baffour-Awuah, Minister of Employment and Labour Relations, stated that any institution that violates the 2023 national daily minimum wage will be dealt with in accordance with the law.
“Any firm, institution, or organization that flouts the 2023 national daily minimum wage must be sanctioned in accordance with the law,” the minister said at a press conference in Accra on Wednesday, November 16, 2022.
He stated that the 10% raise in the minimum wage will go into effect on January 1, 2023.
In shedding additional light on the circumstances that led to the 10% increase, the Employment and Labour Minister stated that the committee considered current economic issues, high cost of living, business sustainability, and the desirability of obtaining higher levels of employment.