Our salaries have been reduced by about 50%, peg it at a dollar rate - GMA to govt

The free fall of the cedi has in recent times affected many businesses. The salaries of Ghanaian employees have also witnessed a sharp decline in value due to the depreciation of the local currency. Whiles experts have advised employers to adopt the hybrid working system to allow employees to heave a sigh of relief amidst the economic crisis, the Ghana Medical Association has said otherwise. According to the General Secretary of the Ghana Medical Association (GMA), Dr. Titus Beyuo, the value of their salaries have reduced by 50 per cent. He stated that it will be prudent for the government to peg their salaries and allowances at a dollar rate to avoid further shocks. Speaking to rainbow radio, Dr Beyuo called on the government to devise strategies to stabilize the wobbling economy. “The government must try to stabilize the economy because the real value of our salaries has reduced by about 50 percent and, even if in dollar terms, we are earning less. So in future negotiations, if the government does not stabilize the economy, we have no choice but to ask for our salaries and allowances to be pegged at the dollar rate so that, they do not lose value,” he said. Meanwhile, on the interbank forex rates from the Bank of Ghana as of November 7, 2022, the cedi is trading against the dollar at a buying price of 13.0012 and selling at 13.0142. Against the Pound Sterling, the Cedi is trading at a buying price of 14.6862 and a selling price of 14.7034 as compared to Friday’s trading at a buying price of 14.5346 and a selling price of 14.5517. Watch the latest edition of BizTech below: ESA/BOG