Akufo-Addo Gives Hope to Workers on May Day: “Signs of Economic Recovery Are Obvious”

Akufo-Addo Gives Hope to Workers on May Day: “Signs of Economic Recovery Are Obvious”

  • Nana Akufo-Addo has assured workers in Ghana that he is working tirelessly to ensure the country's economic recovery starts sooner
  • He told the thousands of workers who converged on Bolgatanga for this year's May Day celebrations that IMF, structural reforms and other steps are yielding results
  • Speaking on May 1, 2023, he said contrary to the comments by his detractors, his government is making steady progress in improving the economy

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President Nana Akufo-Addo has told workers in Ghana that he is working relentlessly to ensure a return to the good days of economic prosperity and single-digit inflation.

Speaking to workers in Bolgatanga on May 1, 2023, where this year's May Day celebrations were held, he said the debt exchange programme, the upcoming IMF loan and other structural reforms put Ghana on a path to soon begin the phase of economic recovery.

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"The signs of the rapid economic recovery are [obvious], and my government will not relent in this regard. It is a solemn pledge I am making to you, my fellow Ghanaians, and one which I am determined to fulfil," he said.
Akufo-Addo says Ghana will soon start the phase of economic recovery
A cross-section workers at the May Day events ground in Bolgatanga (L) and Nana Akufo-Addo. Source: Facebook/@nakufoaddo, @melr.gov
Source: Facebook

Thousands of Ghanaian workers converge on Bolgatanga for 2023 May Day celebrations

For the first time in Ghana's history, the May Day celebrations were held in Bolgatanga, the Upper East Region capital.

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It was marked under the theme: "Protecting incomes and pensions in an era of economic crisis: Our responsibility.”

May Day, known also as International Workers' Day, commemorates the past struggles and gains made by workers and the labour movement. It is observed in many countries on May 1 every year.

Akufo-Addo is confident economic recovery is underway.
An infographic of some of the statements made by the president at the May Day event. Source: Facebook/nakufoaddo.
Source: Facebook

The government is doing so much to mitigate economic challenges

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“Don’t violate our pensions”: Industrial and commercial workers tell gov’t in May Day message

President Akufo-Addo also told the thousands of workers who converged on Bolgatanga that, contrary to the commentary by his detractors, the government was making steady progress in improving the economy.

"Inflation is decelerating, interest rates on government's treasury notes are declining, the depreciation of the cedi is slowing down and GDP growth for 2022 has performed beyond expectations," he touted.

He also promised to restore peace in Bawku, a conflict hotspot in the region, acknowledging that that would be a fitting legacy of his administration.

TUC wants Akufo-Addo to stop cathedral project, cut government spending

Earlier at the same event, YEN.com.gh reported that the Trades Union Congress admonished President Nana Akufo-Addo to stop the National Cathedral project and convert it into a "national hospital" project.

TUC General Secretary Dr Yaw Baah made gave the advice during a speech to mark this year's May Day celebrations.

Dr Baah also boldly told the president to cut down the size of his ministers and other appointees to cut down on the huge spending on government

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Don't touch our pensions: Workers warn government

Meanwhile, YEN.com.gh reported previously that ahead of the parade, the largest workers union in Ghana, the Industrial and Commercial Workers Union (ICU), warned the government against including pensions in the Domestic Debt Exchange Programme.

In a statement to mark this year's May Day celebration, the union said including pensions to the DDEP amounts to a violation of workers' pensions.

The finance minister Ken Ofori-Atta has been urging the Board of Trustees of pensions funds to allow the funds to be included in a revised DDEP.

Individual bondholders have also been agitating against their inclusion in the DDEP over what they say are untenable proposals in the minister's offer.

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Source: YEN.com.gh

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