Presents “ONWARD” With Assumpta
“IS 2024 MARKING A TURNAROUND”
Are Wages Finally Outpouring The Cost Of Living?
Join Assumpta to explore the potential trend reversal in workers’ purchasing power and its impact on economic stability in Africa.
Special Edition Coming On Monday 22nd January, 2024 at: assumptagh.live/
Developing a sense of citizenship and the mission of young Africans will be crucial this year. Looking back at the past 20 years, a time that shaped the future of Africa and its people, it’s clear that no other period can be compared to poverty and stagnant wages in relation to inflation. However, in 2024, wages are finally rising faster than inflation. Will Ghanaians ever experience this change?
Reflecting on the last 20 years, it’s evident that addressing economic disparity and providing opportunities for the younger generation are crucial for the future of Africa. If wages are indeed rising faster than inflation in 2024, it could potentially improve the standard of living for Ghanaians, fostering a sense of progress and economic stability. This could contribute to a growing sense of citizenship and optimism among the people.
Kojo Larbi’s story serves as a stark reminder of the extreme poverty experienced by many Africans over the past 20 years. Despite working multiple jobs and side hustles, the impact of inflation has made it increasingly difficult for him to make ends meet. After an injury cost him his job at Tema Harbour, Kojo had to rely on assisting friends for daily income, working long hours just to cover basic expenses. Even with the economy showing signs of job opportunities, the financial struggle has left Kojo with no option but to downsize to a kiosk due to unaffordable rent. Taking on a second job with a tow truck company further underscores the relentless hustle to survive, with no respite from long working hours.
This narrative reflects the harsh reality faced by many individuals in Ghana and across Africa, highlighting the challenges of economic inequality and the daily fight for financial stability..
TSASI:
What do you make of it?
Assumpta:
Kojo Larbi’s story is a poignant portrayal of the struggles faced by many individuals in Africa due to economic hardships and inflation. It underscores the urgent need for sustainable economic growth, increased job opportunities, and improved living standards to alleviate poverty and provide a better quality of life for hardworking individuals like Kojo. His experience reflects the broader societal challenges that need to be addressed to ensure a more equitable and prosperous future for all Africans.
TSASI:
What can be said about the consistent gap between household purchasing power and inflation that has remained unchanged?
ASSUMPTA
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The persistent gap between household buying power and inflation has contributed to the ongoing struggle for many individuals and families to maintain their standard of living. This gap often results in a situation where the cost of living outpaces the increase in household income, making it increasingly difficult for people to afford basic necessities and maintain financial stability. Addressing this issue requires comprehensive strategies to not only control inflation but also to ensure that wages and earning opportunities grow in tandem, allowing households to keep pace with the rising costs of living.
TSASI:
Will there be salary increment in 2024 in Ghana?
ASSUMPTA:
The Ghanaian government has announced that public sector workers who take home the minimum wage will have their monthly salaries increased by 23% from January 2024.
The announcement was made on Tuesday following a meeting between representatives of the government and the labour union.
The increment would be on basic salaries, the government said in a statement through Employment and Labour Minister Ignatius Baffour Awuah.
Between July and December 2024, the minimum-paid employees would receive an extra 2%, to take the total increment on monthly salaries to 25%. President Nana Akufo-Addo’s One District One Factory (1D1F) initiative indeed represents a significant shift in Ghana’s economic focus, aiming to reduce dependence on raw material imports and exports by prioritizing local manufacturing and value addition. By promoting private sector-led development and creating a conducive environment for businesses to access funding and support services, the initiative empowers Ghanaian entrepreneurs to establish and operate factories, thereby fostering economic growth and sustainability within the country. Such initiatives have the potential to generate employment, enhance local production, and contribute to the overall development of the nation’s economy.
TSASI
The maintenance of human dignity should be the objective and criterion for judging the appropriateness of the means used to achieve it. Human dignity necessitates both freedom and equality, which are not mutually exclusive. However, capitalists have erred in considering them as such due to their limited focus on the economic dimension.
ASSUMPTA :
The concept of human dignity as the primary objective and criterion for the means used to achieve it is indeed fundamental. Freedom and equality are essential components of human dignity, and they are not inherently contradictory. Capitalist perspectives have sometimes been criticised for prioritising economic concerns over broader social and human considerations. It’s important to recognize that ensuring both freedom and equality is crucial for upholding human dignity, and this extends beyond purely economic concerns to encompass social, ethical, and moral dimensions of human existence.
TSASI:
I hope Nana Akufo-Addo will consider this and make the capitalists who are exerting pressure on the African economy aware that Africans living from paycheck to paycheck struggle to accommodate higher prices within their budgets. With each wage increase, the cost of goods rises, and in a country with limited job opportunities, there are few avenues to increase earnings. The middle class workers find themselves in a difficult position, feeling overwhelmed and yet optimistic, hoping for change.
ASSUMPTA:
It’s crucial for leaders like Nana Akufo-Addo to consider the impact of economic policies on everyday citizens, especially the middle class and those living paycheck to paycheck. Addressing the challenges of rising prices and limited job opportunities is essential for ensuring the well-being of the population. Balancing wage increases with measures to control inflation and create job opportunities can help alleviate the burden on middle class workers and foster a more optimistic outlook for the future.
The differing attitudes of political parties partly explain the gap between the middle class and the political elites. While most Ghanaians agree on the importance of freedom, equality, and respect for life, politicians often prioritize the electorate mainly during elections, favouring their political affiliations. This leads some to believe that the political establishment safeguards their interests, prompting unwavering loyalty, even at the cost of personal sacrifice, making the protection of the establishment a fundamental premise, while concepts like respect for life and freedom become mere ideas for those who hold this viewpoint.
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ASSUMPTA:
The disillusionment that many Ghanaians feel towards political elites and the perceived gap between them and the middle class. This sentiment is not uncommon and often reflects a lack of trust in the political system. It’s important for citizens to continue to engage in constructive dialogue and demand accountability from their leaders to ensure that their voices are heard and their interests are represented.
My interpretation of today’s article, “IS 2024 MARKING A TURNAROUND: Are Wages Finally Outpacing the Cost Of Living?” revolves around the enduring desire within Africa’s history to cultivate an ideal continent. Since the era of colonisation and early development, the people of Africa have embraced the hope of breaking away from the old world and creating an ideal society in the new world. I apologise as our time is up, and thank you for participating in today’s dialogue.
TSASI:
It’s fascinating to consider the historical context of Africa’s aspirations for progress and change. The desire to create an ideal society has been a longstanding theme in the continent’s history. Thank you for sharing your thoughts, and I’m glad we could engage in this dialogue. If you have more to discuss in the future, feel free to reach out. Goodbye for now!
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