17th November 2022 2:32:29 PM
1 min readGhana has announced an increase in the national daily minimum wage that will take effect from the beginning of next year.
0
It will rise by 10% to 14.88 cedis ($1; £0.84) from 1 January.
1
It is designed to help alleviate the burden caused by the rise in the cost of living. However, as annual inflation is now running at 40%, a 10% increase in the minimum wage will not cover the rise in prices.
2
Ghana is the world’s second largest cocoa producer and Africa’s leading gold producer, but the country is battling an economic crisis with a declining currency and high debt levels.
3
The country is currently negotiating a $3bn bail-out plan from the International Monetary Fund aimed at stabilising the economy.
4
Source: BBC
5
2 mins read
1 min read
4 mins read
2 mins read
2 mins read
2 mins read
3 mins read
2 mins read
2 mins read