2023 Minimum Wage is GH¢14.88, up 10% against 40.4% inflation 

The National Tripartite Committee (NTC) has increased the National Daily Minimum Wage to GH¢14.88 for 2023, which is 10 per cent increment on the 2022 figure of GH¢13.53. 

This is in addition to a Cost-of-Living Allowance (COLA) of 15 per cent over the 2023 National Daily Minimum Wage. 

Inflation hits 40.4%

Inflation as of the end of October is  40.4%.

Food inflation is 43.7%

Food inflation for October increased to 43.7% from the previous month’s food inflation of 37. 8% with the month-on-month food inflation being 3.2%.

Inflation for locally produced items was 39.1%, while inflation for imported items stood at 43.7%.

The price diesel and petrol have increased over 100% this year with petrol currently selling at GH¢16.82 while diesel is going for GH¢20.50 per litre.

The rising cost of living is biting Ghanaians very hard at a time most people have not seen any increase in wages and salaries.

This was announced by Mr Ignatius Baffour-Awuah, the Minister of Employment and Labour Relations, at the end of a three-day negotiations between the Government, led by the Minister himself and organized labour led by Dr Anthony Yaw Bash, General Secretary, Trades Union Congress (TUC), and employers led by Mr Dan Acheampong, President, Ghana Employers’ Association (GEA) on the determination of the National Daily Minimum Wage for 2023 in Accra. 

A communique issued at the end of the meeting said in line with Section 113(1) (a) of the Labour Act, 2003 (Act 651), the NTC concluded negotiations on the determination of the 2023 National Daily Minimum Wage. 

It said in determining the 2023 National Daily Minimum Wage, the NTC took into account the current economic challenges, cost of living, sustainability of businesses and desirability of attaining higher level of employment, as well as the need for rapid restoration of macroeconomic stability. 

The Committee concluded that an increase in the National Daily Minimum Wage of 10 per cent over the 2022 National Daily Minimum Wage, which translates into a new National Daily Minimum Wage of GH¢14.88 and a COLA of 15 per cent over the 2023 National Daily Minimum Wage. 

Mr Baffour-Awuah said the effective date for the implementation of the 2023 National Daily Minimum Wage shall be 1st January, 2023. 

He cautioned that any establishment, institution or organisation that flouts the 2023 National Daily Minimum Wage shall be sanctioned in accordance with the law. 

Dr Baah said workers were facing difficult times because the condition that they had found themselves in was not what they were expecting and that ideally, they should have lower inflation so that their salaries would be protected. 

He said in the last few months, they had situations where inflation was going up and that there was the need for both workers, employers and government to work together to get the nation out of this. 

He said they were hoping that 2023 would better for them. 

Mr Acheampong said fixing the new National Daily Minimum Wage did not come easy but with the firm believe that partners need to have trust and confidence in each other were able to resolve whatever challenges they had; saying “and this is a true vindication of the essence of tripartism”. 

“We are forever committed to this course, and we know that we are in all of this together, and working together we shall over come whatever challenge that lies ahead. And at the end of the day, Ghana will be the winner.”