• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Dr. Nkumbaan Describes IMF Agreement As A Threat To Workers Standard Of Living

June 5, 2023
Stephen M.Cby Stephen M.C
in Vaultz Business
0
Dr. Nkumbaan Describes IMF Agreement As A Threat To Workers Standard Of Living

Dr. Samuel Nkumban, President of University of Ghana - UG Chapter of UTAG

Dr. Samuel Nkumbaan, President of the University of Ghana Branch of UTAG, has disclosed some of the issues brought about by Ghana’s $3 billion International Monetary Fund (IMF) agreement.

Commenting on the topic “Is the Salaries/Wages of the Ghanaian Worker Sustainable Today?, he underlined that the deal will stymie workers’ aspirations for greater wages or incomes.

The IMF program stresses the importance of striking a careful balance between burden sharing, productivity, and the government’s ability to pay, with a particular emphasis on calibrating public sector wages.

RelatedPosts

24-Hour Economy Policy Alone Not Enough – GNCCI Warns

Business and Investor Confidence Rebounding in Ghana – AGI

AGI Launches 14th Ghana Industry and Quality Awards to Spur Global Competitiveness

Ghana, with an estimated nominal GDP of $79.5 billion (GHS 873 billion), confronts the daunting job of cutting public sector remuneration by $397 million. The government’s desire to achieve this reduction demonstrates its dedication to enacting fiscal reforms and realigning public sector salaries.

However, Dr. Nkumbaan contends that the proposed salary cuts will have a substantial impact on workers in an economy already beset by economic issues.

According to him, Ghanaian employees are locked in a hand-to-mouth existence, dealing with high inflation and rising living costs.

“The IMF deal comes with challenges for workers such as the recent objective of the government wanting cut down wages/salaries of workers by 0.5% of GDP which will by the way have negative implications on workers. And with the current high inflation and other economic challenges, workers find themselves in a hand-to-mouth economy.”

Dr. Samuel Nkumbaan

Amidst the economic hardships, labor unions have become more vociferous in their demand for higher base pay. Dr. Nkumbaan emphasized the need of the government listening to these demands, especially given the current economic situation.

Workers’ hopes for higher salaries, he said, are spurred by rising inflationary pressures and the rising cost of living, both of which worsen the strain on their finances.

Labor Unions Encouraged To Campaign For Better Wages For Their Workforce Members 

Also commenting on the topic Is the Salaries/Wages of the Ghanaian Worker Sustainable Today?, Dr. Priscilla Twumasi Baffour, Senior Lecturer at the University of Ghana’s Department of Economics, has voiced concerns about the sustainability of employees’ earnings or salaries in the country.

Dr. Priscilla Twumasi Baffour
Dr. Priscilla Twumasi Baffour

Dr. Baffour raised awareness to the difficult economic conditions that jeopardize Ghanaian employees’ financial well-being. Her main worry was the erosion of the real value of wages and salaries as a result of prolonged inflation.

Dr. Baffour illustrated that the combination of economic issues and low pay exacerbates employees’ suffering, pushing them deeper into debt and hindering their capacity to meet even basic demands.

Dr. Baffour underscored the urgent need for labor unions to take a more assertive role in lobbying for improved economic management in order to solve the chronic issue of inadequate wages and salaries.

She encouraged labor unions to aggressively interact with lawmakers to effectively communicate workers’ concerns and interests.

Labor unions, she said, can exercise influence and assist design policies that defend workers’ welfare, ensuring they are not unfairly burdened by economic downturns or crises, by developing stronger relationships and engaging in crucial economic discussions and decision-making processes.

Read also: Finance Minister Assures Foreign Investors Of Gov’t’s Commitment To A Rapid Economic Recovery


Tags: Dr. Priscilla Twumasi BaffourDr. Samuel NkumbaanGross Domestic ProductInternational Monetary Fund (IMF)wages and salaries
Please login to join discussion
Previous Post

Ardern Receives Second-Highest Honor In New Zealand

Next Post

Late Ebony’s Parents Steal Spotlight With Romantic Dance Moves At Their Wedding

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

July 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

July 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

July 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

July 9, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

July 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

July 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

by Esther Korantemaa OffeiJuly 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

by Lawrence AnkutseJuly 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

by Silas Kafui AssemJuly 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

by Comfort AmpomaaJuly 9, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

by Prince AgyapongJuly 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

by Evans Junior OwuJuly 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Mustapha Gbande, Party, President.
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
GoldBod CEO Champions Value Addition in Mining
Hon. Haruna Iddrisu, Ghana's Minister for Education
[/vc_row_inner]

Recent News

  • Debby Reveals Professionalism Fuels Female Musicians
  • Mass Jail Sentences Deepen Tunisia’s Political Crisis
  • Every NDC Member Is Better Off Today – Gbande
  • Mass Casualty Incidents Besmirch Gaza’s Aid Struggle
  • Ghana Poised to Reap Big from Soaring Gold Prices
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.