ICU disagrees with Terkper's 0.9% industry growth figure

General Secretary of the Industrial and Commercial Workers' Union (ICU), Mr Solomon Kotei, says the 0.9 percent industry growth announced by Finance Minister, Seth Terkper, could not have been true.

According to Mr Kotei, that figure is not realistic and does not reflect the situation in the sector.

During his Mid-Year Review and Supplementary Budget presentation in Parliament Tuesday, the Finance Minister announced a growth in the industry sector from negative 13 percent from 2013 to 0.9 percent in 2015.

However, speaking Wednesday on Adom FM’s Burning Issues program Mr. Kotei described the growth figure put out by the Minister as mere “book talk”.

Mr. Kotei explained that the power crisis, for instance, has burdened industries to the extent that companies are laying off more workers

Over 13,000 workers have lost their jobs due to the country’s difficult economic situation, coupled with the unrelenting power crisis – all of which have put pressure on industries in the country.

The Association of Ghana Industries, AGI, has confirmed there would be more job losses in the coming months as a result of the downward review of the country’s growth targets for the year.

“I don’t know the kind of formula the Finance Minister used to arrive at 0.9% I think he owes Ghanaians a better explanation, he should come again”, he said.

“Taxes in all forms – PAYE, corporate tax, Communication Service Tax, SMS tax, overtime tax, import, export and excise duties, VAT, NHIL, direct and indirect taxes, etc are all eventually passed on to workers and the populace who are the ultimate consumers,” Mr Kotei stated.

He said there are no new companies springing up because of the crisis facing the country and existing manufacturing companies have stopped manufacturing and are now into imports.

Mr Kotei said although he is optimistic that the country will come out of the crisis, if government does not immediately address the current economic situation life would be unbearable for most Ghanaians.