The Chief Economist and Director of the Labour Research and Policy Institute at the Trades Union Congress (TUC), Dr Kwabena Nyarko Otoo, is frustrated over the persistent depreciation of the currency and its severe impact on many aspects of the economy, particularly workers.

Contributing to discussions on Joy FM’s Newsfile, Dr Otoo stressed the ongoing economic challenges and the structural issues that exacerbate the cedi's decline.

He expressed concern that despite numerous complaints, those in charge appear unresponsive to the plight of the citizenry.

“Is anybody listening? We have complained about the economic challenges and the economic structure that is putting pressure on the cedi hence its depreciation," he stated.

Highlighting the adverse effects on workers, Dr Otoo described the situation as disastrous.

He pointed out the discrepancy between fixed wages and constantly rising prices driven by currency depreciation.

Dr Otoo also acknowledged the difficulties faced by businesses, which can adjust their prices to reflect changes in the exchange rate.

However, he pointed out that this flexibility is not available to workers.

“For the businesses, I pity them, but they can change their price on any given day to reflect the differences in the exchange rate of the imported materials. How do workers respond? They do so by using their scanty salaries to meet the changing prices the businesses are offering on the market,” he explained.

He lamented that the economic crisis has been a long-standing issue in Ghana, indicating that current solutions are not effectively addressing the problem.

“Right now it seems to me, that those at the helm think that they have their own solutions, and it isn’t working for Ghanaians,” he stated.