Nestle Ghana has announced mouthwatering money support for its employees to cushion them against the harsh economic situation.
According to the company, it has decided to give each of its permanent staff a whopping GH7,500 plus their October salaries.
In a communique signed by the country’s Managing Director, Nestle Ghana said it decided because of “the unstable and unpredictable economic turbulence” in Ghana.
In the wake of price hikes which have been necessitated by the fast depreciating Ghana Cedi, Nestle Ghana said to its employees: “despite these difficulties and as a strong sign of appreciation for the efforts of every one of us.”
Read the Full Statement Below…
Cedi depreciates further as $1 is now equivalent to GH¢14
The value of the Ghana Cedi has suffered another massive depreciation against the dollar.
The recent depreciation moves a dollar close to GH¢14.
According to Joy Business, the Cedi is losing value more quickly than the euro and pound. It is now being sold for around 14.05 pounds and 12.10 euros.
Leading forex agencies in Ghana’s capital, Accra, report a severe lack of US dollars.
Once more, a handful of banks lack the funds necessary for currency exchanges and other relevant transactions.
Nigerian banks with operations in Ghana claimed that the free collapse of the cedi against the dollar has led to dollar hoarding, which has increased demand for the US “greenback.”
Yesterday, October 19, 2022, most forex offices sold the local currency for between 12.50 and 12.95 to the dollar.
Some traders have already protested the free collapse of the cedi because they believe that their costs of conducting business have been rising week after week.
