Reverse economic conundrum - ICU to government

The Industrial and Commercial Workers Union (ICU) has urged the government to take quick and needful measures to reverse the economic conundrum currently plaguing the country. 

The actions, it said, should bring the requisite economic relief to Ghanaians.

In a Christmas message, it said the year 2023 had been fraught with dire economic vagaries ranging from hyper-inflation, especially on staple food, to high lending rate, engendering economic downturn in the country, adversely affecting the real income of workers and drastically reducing workers’ purchasing power.

“This situation has left both workers and the citizenry in social and economic quagmire.

“Admittedly, the economic downturn and its negative ramifications on businesses have caused attrition in sustainable employment, and hampered new job creation, thus exacerbating the already precarious unemployment situation and increasing the dependency rate and poverty levels in the country,” it said.

This was contained in a Christmas message signed by the General Secretary of the ICU, Morgan Ayawine.

Bail out

It, however, commended the government for taking steps to bailout certain distressed State Owned Enterprises (SOEs) especially the National Investment Bank upon appeal by the union to empower them to play their traditional roles in the economic scheme of Ghana to help grow and develop the national economy.  

“For this, we say, we are very grateful to government.

“For our social partners, we wish to appreciate and express our unreserved gratitude to the good employers for their understanding and effective collaboration with the union for sustainable employment which brought about increased productivity and business profitability for economic progress,” it said.