TUC Calls for New Policy Framework to Address Structural Challenges
The Trades Union Congress (TUC) has urged the government to adopt a new policy framework that directly tackles Ghana’s long-standing structural economic challenges. The call comes ahead of the 2025 Budget and Economic Policy presentation by the Finance Minister.
According to the TUC, Ghana’s current economic struggles are the result of 40 years of adherence to Washington Consensus policies, which have failed to create a resilient and self-sufficient economy. The union argues that foreign companies dominate the most productive sectors, while Ghana remains overly dependent on a few natural resources, limiting the country’s ability to generate decent jobs and sustain economic growth.
“The current framework has failed to address structural constraints, leading to persistent fiscal challenges, economic stagnation, and a cost-of-living crisis,” the TUC stated. It further criticized Ghana’s trade liberalization policies, which have led to an influx of imports that undermine local manufacturing and agriculture. The result has been persistent current account deficits, continued cedi depreciation, and rising inflation.
The TUC also took issue with the Bank of Ghana’s inflation-targeting policy, arguing that high interest rates, meant to curb inflation, instead stifle business growth and job creation. The union maintains that Ghana’s inflation is largely driven by supply constraints and external shocks rather than excessive money supply.
The economic downturn in recent years—marked by slow post-pandemic growth, high debt levels, and rising inflation—has worsened living conditions for many Ghanaians. With debt restructuring measures cutting into pension funds and businesses struggling under high borrowing costs, the TUC is pushing for a shift towards policies that prioritize local industry, job creation, and economic stability.
The union is calling for a national policy overhaul that fosters sustainable industrialization, reduces dependence on foreign firms, and ensures economic policies serve the interests of Ghanaians first.
