Solomon Kotei, ICU General Secretary
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The Industrial and Commercial Workers’ Union (ICU)  has urgently requested the government to force the banks to adhere to directive on the reduction of interest rates, saying the non-compliance is adversely affecting workers.
According to the union, most of the banks have not effected the changes.

Mr. Solomon Kotei, General Secretary of the Union, believes that the reduction of interest rates of 35 per cent which was announced by the Finance Minister in this year’s budget statement, should reflect on the monthly deductions of loan benefactors.

“We are raising alarm and making a clarion call to the government. The Bank of Ghana has an Inspectorate Division that goes round to ensure that financial rules are followed, and they give us the Treasury bill rate which is basic, if those rates have changed, then obviously those in the Commercial Banks must also change their rate and allow anybody who has loan facility see the reduction,” he said.

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According to him, the union would pass a resolution on the matter and present a petition to the Minister of Finance for the necessary action.

Addressing the opening session of the Quadrennial Delegates Conference of the Professional and Managerial Staff Union (PMSU) of ICU in Kumasi, Mr. Kotei said although the declaration of the reduction of base rate was a good idea, there was a need for the government to ensure adherence by banks so as to make workers and all Ghanaians benefit from the reduction.

The three day conference which has the theme, “Organizing the PMSU; growing the union,” was aimed at creating a platform for leaders of the PMSU from across the country, to brainstorm on the economy, state policies, the Labour Act among others and to see their impact on workers.

Mr. Kotei urged PMSU members to be innovative and see themselves as partners for solutions to organizational and national problems facing workers.

The Director of the PMSU, Mr. Samuel Larnyo expressed the need for the amendment of some regulations under the Social Security and National Insurance Trust (SSNIT) that do not benefit workers.

“The method of calculating worker’s retirement benefit by SSNIT has to be amended because recent analysis by one of the General Secretaries of TUC has exposed how retiring workers do not benefit from the calculations,” he said, adding that the Union would “push for the amendment.”

By: ADR Daily Newsdesk/


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