COLA features in mid year budget

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COLA features in mid year budget

Cost Of Living Allowance for public workers. This is to help residents cope with the country’s harsh economy. Kojo Oppong Nkrumah, the minister of information, in Ghana, disclosed this in a tweet on Friday. Base pay is the initial salary paid to an employee, not including any benefits or bonuses.

Nkrumah said the decision was reached after consultations with the country’s organized labor and other stakeholders. According to him, the allowance took effect on July 1st. On the same day, Ghana sought the support of the International Monetary Fund (IMF) for its economic crisis.

“Government and organized Labour have concluded negotiations for Cost of Living Allowance. Government is keen on mitigating the impact of global challenges on the people of Ghana,” he said in a tweet.

Ghana’s economic state

Ghana is one of the low-income nations currently being battered by the effects of Covid-19 and the war between Russia and Ukraine. Last month, Ghanaians thronged the streets of Accra in protests against skyrocketing energy costs. And the newly imposed e-levy, which mandates them to pay a 1.5 percent tax for every electronic transaction they carry out.

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Last week, President Nana Akufo-Addo asked Ken Ofori-Atta, finance minister, to commence formal engagements with IMF to secure support to address economic woes in the country.

“The engagement with the IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 pandemic and, recently, the Russia-Ukraine crises,” the statement had said.

Also, the Minority Caucus in Parliament has stated that the 2022 mid-year budget review presented by the Minister of Finance, Ken Ofori-Atta, in Parliament Monday failed to offer respite to Ghanaians and the business community.

Additionally, they said the minister stopped short of providing hope and a clear path of how the government intended to cushion the people against the rising cost of living, doing business, as well as extreme poverty.

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“With the mid-year review statement by the Minister of Finance, I cannot see any respite, see my way clear and cannot see any hope clear for the suffering Ghanaian people who expected that today’s statement at least will offer them some respite because of the rising living and the rising cost of doing, persons affected by extreme,” the Minority Leader, Haruna Iddrisu said.

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