We will not tolerate pay raises below the rate of inflation - TUC

Dr Kwabena Nyarko Otoo

The leadership of the Trades Union Congress (TUC) has signaled that it will not tolerate a pay increase that is less than the current inflation rate.

According to the TUC, this will provide workers with a buffer against rising prices for products and services.

Dr. Kwabena Nyarko Otoo, Director of Research at TUC, made this announcement during an interview with Accra100.5FM's Ghana Yensom presenter Odehyeeba Kofi Essuman on Tuesday, May 2, 2023.

He emphasized that a high inflation rate causes real incomes to decline, so "we will seek something to cushion the worker".

In the past three years, both inflation and unemployment have skyrocketed.

"We will ensure that whatever we negotiate is above the national inflation rate," he said, adding, "We will protect workers if inflation remains high."

When questioned about the government-assigned reasons for the economic woes, he stated that the Russian-Ukraine conflict and the Covid-19 pandemic only revealed how poorly the government managed the economy.

He urged the government to convene a national conference on the future of Ghana's economy, adding that Ghana can only be developed by Ghanaians and not New Yorkers with a vested interest in the country.

He emphasized that seeking a $3 billion rescue from the International Monetary Fund (IMF) is not the best course of action.

He remarked, "We've been to the IMF 17 times and we're still in the same position as a nation."

He argued that the IMF has not been beneficial to Ghana as a nation.