Theo Acheampong Speaks on Recent Utility Price Hikes in Ghana

By MyJoyonline

UK-based Ghanaian Petroleum Economist, Theophilus Acheampong, has urged government to meet leadership of organized labour to prevent a planned nationwide demonstration.

According to him government must find a proper approach of dealing with the intended series of demonstrations by the labour unions in the country to enhance productivity.

Theophilus Acheampong made the call Monday on Adom FM’s “Burning Issues” programme hosted by Afia Pokua.

“Government needs to sit down with organized labour concerning the recent hikes due to the drastic reduction in petroleum products on the international market” the Ernergy expert stated.

Following the hikes in utility and petroleum prices, Organised Labour demanded for a 50 percent increase in salaries of public sector workers.

However, several meetings between the Trades Union Congress (TUC) and government have failed to reach a deal.

TUC have subsequently set out a roadmap for demonstration and other industrial action to force government to succumb to their demand.

Organised Labour would embark on a nationwide demonstration on Wednesday January 20, 2016, starting from 0730 hours from the Obra Spot in Accra.

The demonstration would run concurrently throughout all the regional capitals.

Theophilus Acheampong said it is the constitutional right of  organized labour to register their displeasure against government because of the petroleum price hikes despite a fall in price of crude oil on the international market.

As at January 18, 2016 the oil price has recovered slightly after earlier falling below $28 a barrel, as the Organization of the Petroleum Exporting Countries (OPEC) predicts crude will mount a recovery this year.

Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86. The price of US crude was $29.65 a barrel after hitting $28.36.

Investors fear the lifting of Western sanctions on Iran could worsen the existing oversupply problem, however, oil producers’ group OPEC said in its January market report that it expected to see the price of crude begin a rebalancing process in 2016.

Mr Acheampong adds that despite the hikes in utility and petroleum prices government has not increased wages of workers.

He advised government against taxing citizens to generate more revenue.

See more at: http://www.myjoyonline.com/news/2016/january-19th/govt-must-prevent-organised-labour-demonstration-economist.php#sthash.zWGBWgH8.dpuf

About the Author

Theo Acheampong
Theo is an economist and social media enthusiast who provides regular commentary on socioeconomic and political developments in Ghana and Africa at large. Theo is passionate about leadership, entrepreneurship and the role of innovative technologies in solving Africa's developmental challenges.

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