Ghana has announced an increase in the national daily minimum wage that will take effect from the beginning of next year. It will rise by 10% to 1
Ghana has announced an increase in the national daily minimum wage that will take effect from the beginning of next year.
It will rise by 10% to 14.88 cedis ($1; £0.84) from 1 January.
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.
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.
The country is currently negotiating a $3bn bail-out plan from the International Monetary Fund aimed at stabilising the economy.
BBC Africa
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