Economist Dr. Baah Kusi Ayeh has called for urgent economic reforms to address the growing financial hardship facing many Ghanaians, insisting that saving money has become nearly impossible for the average worker.
Speaking on Ghana’s economic realities on Kessben TV’s Digest show, Dr. Baah Kusi Ayeh said the ability to save largely depends on increasing one’s income or reducing expenditure.
According to him, many citizens are struggling financially because salaries remain low while the cost of living continues to rise.
“You can only save when you increase your source of income or minimize your mode of expenditure,” he stated.
The economist noted that although Ghana’s minimum wage remains low, the public sector appears to offer better remuneration than the private sector — a situation he believes should be the opposite in a stronger economy.
“Our minimum wage is low, though, but it appears that the public sector even pays better than the private sector, which should have been the opposite,” he observed.
Dr. Baah Kusi Ayeh further called for pragmatic measures to reduce government expenditure, arguing that excessive public-sector spending continues to put pressure on the national economy.
He specifically cited ex gratia payments to public officials as one of the major expenditures draining the country’s resources.
“We need to take pragmatic steps to reduce expenditure in our public sector,” he stressed, adding that ex gratia payments remain a burden on the economy.
He also reiterated concerns about salary disparities across sectors, noting that the nature of one’s work and government policies significantly affect earning power and financial stability.
“The policy and the kind of work one does matter. People have discrepancies in salaries based on their places of work,” he added.
The economist believes reducing wasteful expenditure and creating fair economic opportunities could help improve the financial well-being of many Ghanaians.
