{"id":247983,"date":"2016-09-14T06:10:06","date_gmt":"2016-09-14T06:10:06","guid":{"rendered":"http:\/\/citifmonline.com\/?p=247983"},"modified":"2016-09-14T06:10:06","modified_gmt":"2016-09-14T06:10:06","slug":"economist-downplays-effect-of-pay-rise-on-imf-deal","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/09\/economist-downplays-effect-of-pay-rise-on-imf-deal\/","title":{"rendered":"Economist downplays effect of pay rise on IMF deal"},"content":{"rendered":"<p>A Labour Economist, Dr. William Baah Boateng has shot down any significant impact on Ghana\u2019s commitment with the International Monetary Fund (IMF), over an increase in public sector wages.<\/p>\n<p>According to him, the decision may have taken into consideration government\u2019s commitment to <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/09\/11\/economy-cannot-support-minimum-wage-above-10-increase-labour-minister\/\" target=\"_blank\">maintain high fiscal discipline<\/a><\/strong><\/span> under the economic assistance program with the IMF.<\/p>\n<p>\u201cAt the negotiation table, I do not think government will offer the 12<sup>1<\/sup>\/<sub>2<\/sub> percent at the onset; this would have been achieved after negotiating with labour who would have quoted a higher rate of increase,\u201d Dr. Baah Boateng stated.<\/p>\n<p>He added, \u201cGovernment definitely knows that it can pay that is why it would have agreed to the 12<sup>1<\/sup>\/<sub>2<\/sub> percent.\u201d<\/p>\n<p>The Public Services Joint Standing Negotiation Committee (PSJSNC) on Tuesday [September 13, 2016], announced a 12<sup>1<\/sup>\/<sub>2<\/sub> percent increase in the salaries of all public sector workers on the Single Spine Salary Structure.<\/p>\n<p>A statement on the decision, signed by the CEO of the Fair Wages and Salaries Commission (FWSC), George Smith Graham further indicated that the new increase will take\u00a0effect from January 2017.<\/p>\n<p>One of the concerns being raised by some economic watchers is the likelihood of the decision to distort government\u2019s commitment not to overspend this year.<\/p>\n<p>But Dr. Baah Boateng explains the decision could not have been upheld if it didn\u2019t fall within government\u2019s means.<\/p>\n<p>\u201cOn the government\u2019s side there will definitely be a representative from the ministry of finance on the negotiation table as such any figure that the government cannot afford would have been opposed,\u201d he remarked.<\/p>\n<p>The announcement also comes at a time that Ghana is awaiting a release of the third tranche of the bailout cash from the IMF.<\/p>\n<p>Government is expected to present the fund\u2019s review committee with data on the country\u2019s energy sector which is considered as one of the critical factors of the economic deal.<\/p>\n<p>Meanwhile Dr. Boateng maintains the margin of increase will cushion workers against any adverse impact of inflation which is anticipated to drop to 12 percent margin by the end of 2016.<\/p>\n<p>The increase in public sector pay comes barely a week after government announced a <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/09\/07\/minimum-wage-increased-by-10\/\" target=\"_blank\">ten percent increase<\/a><\/strong><\/span> in the national daily minimum wage to be implemented in January 2017.<\/p>\n<p>The figure has been increased to 8 cedis 80 pesewas from the current 8 cedis.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Labour Economist, Dr. William Baah Boateng has shot down any significant impact on Ghana\u2019s commitment with the International Monetary Fund (IMF), over an increase in public sector wages. According to him, the decision may have taken into consideration government\u2019s commitment to maintain high fiscal discipline under the economic assistance program with the IMF. \u201cAt [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":247987,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[1447,1538,11774],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economist downplays effect of pay rise on IMF deal - Citi 97.3 FM - Relevant Radio. 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