Ghana's recent economic crisis and its influence on job security

Grace-Amey-Obeng
  • Ghanaian businesses are being affected by the country’s inflation. 
  • FC Beauty group has laid off 70% of its staff members and closed down 80% of its business as a result.
  • Ghana is looking to mitigate this crisis with fund relief from the International Monetary Fund.

Ghana since the year began has been experiencing an economic downturn.

Ghana is experiencing its worst inflation in 21 years, and needless to say, the inflation is taking its toll on Ghanaian businesses.

FC Beauty Group of Companies is one of the victims of this unwelcome development, as it just recently laid off 70% of its staff.

CEO of the company, Mrs. Grace Amey-Obeng disclosed that laying off 70% of her staff members is a result of the country’s current economic state.

She noted that to keep her business afloat, she had to close 80% of her enterprise, which inadvertently affected many of her employees.

"I have closed 80% of my businesses and laid off 70% of staff. We are now working three days a week. The situation is too stressful. We want our Ghana back. This is not the Ghana we want. We cannot be paying people for no work done.” She stressed.

She gave this speech in Ho when she delivered an address at a memorial lecture to commemorate the tenth anniversary of the demise of President John Evans Atta Mills, which was held at the Cedi Auditorium of the University of Health and Allied Sciences (UHAS).

She also went ahead to pay her tribute to the late president, noting that he made lots of contributions to the advancement of the female struggle in Ghana.

Currently, the country is looking to acquire a $3 billion bailout from the International Monetary Fund.

The IMF in return has shown keen interest in working with the Ghanaian government, as both parties are looking to speed up negotiations. The only thing holding the transaction back is the inability of both parties to quickly reach an agreement on the parameters for debt operations. Read story here…

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