This directive is despite the many economic challenges the country is facing today.
The negotiations that led to the decision began in November, in the midst of Ghana’s financial crisis. Following these negotiations, the state trade union representing public service employees, and the government of Ghana agreed to a 30% salary increase for public employees.
Last year for Ghana was one of the worst financially in recent history.
Ghana is facing one of the worst inflation rates in the world, reaching a 21-year high of 502%. At one point, the country also had one of the worst currencies in the world, fluctuating between worse and worse.
To address the situation, Ghana’s finance minister, Kenneth Nana Yaw Ofori-Atta, pushed for a $3 billion loan from the International Monetary Fund (IMF), which is still pending today.
The IMF has reservations but seems inclined to approve the loan, the people of Ghana are against the initiative, protesting that the country does not need to increase debt service, while the country’s parliamentarians are increasingly frustrated by the lack of debt. is guaranteed.
This and other financial complications make 2022 a very turbulent year for Ghana. However, the country managed to turn its fortunes around, with the country’s currency going from the best currency in the world to the best.
Since then, the country’s economic trends have fluctuated, and inconsistent headlines about Ghana’s economy have been in the news.