Crisis-hit Ghana increases public servant salaries by 30%
Friday, January 13, 2023
© Reuters. FILE PHOTO: People walk on the street around Kwame Nkrumah circle in Accra, Ghana, December 2, 2016. Picture taken December 2, 2016. REUTERS/Luc Gnago ACCRA (Reuters) - Ghana's government and trade unions on Thursday agreed to increase all public servants' salaries by 30% for 2023, they said in a joint statement, as the country struggles to reduce debt and tackle rampant inflation.
The West African gold, oil and cocoa producer is battling its worst economic crisis in a generation.
The local cedi dropped heavily against the dollar last year as government spending cuts and central bank interest rate hikes failed to tame inflation, which rose to a new high of 54% last month.
Trade unions representing public service employees started negotiating salary rises with the government in November, a few months after hardship spurred street protests that pushed the government to seek help from the International Monetary Fund (IMF).
The two parties on Thursday settled on a 30% increase to base pay across board, effective from Jan. 1, 2023.
Ghana's government announced sweeping spending cuts in March, including a lowering of ministers' salaries, to reduce the deficit, contain inflation and slow the cedi's slide.
But it also increased a cost of living allowance for public workers by 15% in July, citing the impact of "global challenges" on citizens.
Ghana secured a staff-level agreement with the IMF for a $3 billion, three-year support package in December, but needs to restructure its debt to access the funds.
The government launched a domestic debt exchange programme last month and later said it would default on nearly all of its $28.4 billion of external debts.
It asked to restructure its bilateral debt under the G20 common framework platform this week.
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| EUR/CHF | 0.9675 | ↑ Buy |
| Gold | 1,895.05 | ↑ Buy | |||
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| Copper | 3.6387 | ↑ Buy | |||
| Crude Oil WTI | 93.96 | ↑ Buy | |||
| Brent Oil | 94.52 | ↑ Buy | |||
| Natural Gas | 2.915 | ↑ Buy | |||
| US Coffee C | 148.75 | ↑ Sell |
| Euro Stoxx 50 | 4,131.65 | ↑ Buy | |||
| S&P 500 | 4,273.32 | ↑ Buy | |||
| DAX | 15,217.45 | ↑ Buy | |||
| FTSE 100 | 7,593.22 | ↑ Buy | |||
| Hang Seng | 17,552.50 | Neutral | |||
| Small Cap 2000 | 1,778.10 | ↑ Buy | |||
| IBEX 35 | 9,331.90 | ↑ Buy |
| BASF | 42.280 | Neutral | |||
| Bayer | 45.72 | ↑ Sell | |||
| Allianz | 226.95 | ↑ Sell | |||
| Adidas | 157.62 | Buy | |||
| Lufthansa | 7.653 | Sell | |||
| Siemens AG | 134.20 | ↑ Sell | |||
| Deutsche Bank AG | 10.342 | ↑ Buy |
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| Cập nhật lúc 18:53:02 27/09/2023 Xem bảng tỷ giá hối đoái | ||
