According to the TUC, Ghana's current economic crisis is self-inflicted.

The Trades Union Congress (TUC) contends that the COVID-19 pandemic and the Russian-Ukrainian conflict merely exposed Ghana's fragile economy and that the current economic crisis is self-inflicted.

It stated that despite the country's vast human and natural resources, it was regrettable that the "IMF bailout has now become Ghana's lifeline."

This was stated by Mrs. Phyllis Agyemang, the Eastern Regional Secretary of the TUC, in a speech read on behalf of the Secretary General, Dr. Yaw Baah, at the May Day celebration in Koforidua, on the topic of "Protecting Incomes and Pensions in an Era of Economic Crisis: Our Responsibility."

Eight individuals from various unions and institutions were presented with citations and Samsung 43-inch flat-screen televisions in recognition of their hard work.

Public and private sector employees who participated in the parade carried signs with phrases such as "Don't mortgage our future," "Corruption is the real evil," and "Huge taxes are killing us."

Mrs. Agyemang attributed Ghana's need for an IMF assistance nearly every three years to ineffective economic management.

"Our past interactions with the IMF provide ample evidence that IMF-sponsored programs and policies cannot alter our economic conditions. "Another program from the Fund will only add to our financial burdens," she stated.

However, the government could lead the nation out of its economic difficulties by reducing expenditures on non-essentials, such as the National Cathedral endeavor.

In addition, the size of the government must be reduced, and the Ghana Revenue Authority and all other revenue-collection agencies must be freed from political interference.

Mr. Seth Acheampong, the Minister for the Eastern Region, stated that in addition to the IMF bailout, the government was seeking assistance from private sector investors and critical development partners in order to improve the economy more quickly.

He stated that the government had worked diligently to safeguard public sector employees during and after COVID-19 and to ensure timely payment of salaries.

Nevertheless, according to a survey conducted by the Ghana Living Standard Survey Business Tracker in 2020, 41,952 workers were laid off from the private sector, he said.

In addition, 770,124 employees had their wages cut, he said, and the government was committed to working tirelessly to get the economy back on track.

"The government is attempting to strike a delicate balance, and we must collaborate with labor unions and employers to achieve this," he said.