Economic Crisis: PBC Tells Staff To Tighten Their Belts And Expect August Salaries Later

• The management of the Produce Buying Company has told its staff to bite the bullet and expect their August salaries at a later date
• According to a communique addressed to the workers, salaries have been delayed due to the current financial challenges the company is facing
• The letter also assured the staff to remain resolute as management is working round the clock to settle all arrears

The staff of the Produce Buying Company (PBC) Limited, expectant of their August salaries, have been told to wait a little longer.

According to the management of the PBC, financial challenges have put it in a position that makes it difficult to timely honour the August salary obligations.

According to a circular to the staff signed by the Human Resource Manager, Nanette Aryee, staff are encouraged to bear with management as it works round the clock to pay the salaries.

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“We wish to inform all members of staff that the payment of salaries for the month of August, 2022 will delay due to the current financial challenge faced by the Company.”

Management, however, assured that the salaries would be paid in due course.

This comes at a time when the ordinary Ghanaian is reeling under severe financial constraints due to rapid cedi-dollar depreciation. The situation has been exacerbated by the skyrocketing prices of goods and services and high-interest rates, among others.

University Senior Staff Declare Indefinite Strike, Join Agitation For 20% Cost Of Living Allowance

Earlier, YEN.com.gh reported that the staff of the University of Ghana joined other organised labour unions on Wednesday to declare an indefinite strike over the Cost of Living Allowance (COLA). The move was expected to pile pressure on the government to expedite payment of their COLA due to the economic hardships.

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In July, labour unions in the country demanded the payment of 20% of their salaries as COLA to cushion them from the challenges.

Ghana's Debt Situation: CSJ's 20-Year Report Shows Looming Crisis If Trend Remains Unchanged

YEN.com.gh also reported that an Accra-based think tank, the Centre for Social Justice (CSJ), had released a report of Ghana's debt sustainability profile over a 20-year period, showing a looming crisis if the trend remains unchanged.

Titled "A 20-year review of Ghana's public debt: Trends, Drivers, and Implications," the report warned that Ghana risks irreparable damage to its credit rating unless the government's pace of debt accumulation is slowed.

Source: YEN.com.gh