• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Is Nestle Ghana supporting staff with GHC 7,500 to cushion them against economic woes?

3 years ago
in Features, highlights, Home, home-news, latest News
2 min read
0 0
0
182
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Is Nestle Ghana supporting staff with GHC 7,500 to cushion them against economic woes?

Discussions about the depreciation of the local currency, the Cedi against the US dollar has dominated the headlines in Ghana over the past few days.

This is coming on the back of news that, the Cedi is now the worst ranked currency globally.

The Ghana Cedi continued its free fall, losing value twice on Thursday (20 October) to sell at GHC 4.50 to one US dollar.

This translated to 5.45% depreciation in a day and 17.5% in four days of the week.

It began the day at GHC 13.75 to the American ‘greenback’ but declined in value further to GHC 14.50, according to quotations by the forex bureaus.

In nominal terms, the Cedi has lost about 135% value to the world’s most important currency.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

In real terms, the local currency has depreciated by about 55% to the dollar.

Currently, the average Ghanaian earns not more than GHC 2,500 per month.

According to Abdul Hayi Moomen, what this means is that exactly a year ago, the average Ghanaian used to earn “$ 416 (dollars) per month.

A year later, the average increase on the salary of the average Ghanaian was only 10 percent, which brought the average salary up to GHC 2,750.

At the moment, the dollar to cedi rate is hovering around 1:15. That then brings the average Ghanaian salary, despite the 10 percent increase, to $ 215 (dollars).

In essence, the Ghanaian worker has seen about 50 percent decrease in his/her earnings in the last 12 months.

Meanwhile, prices of “everyday” items such as (forget fuel and assume it is a problem for the rich and elite car owners), toothpaste, tomatoes, bread, sanitary pad, ‘pure water’ and even condom, have risen – continue to rise.

Ladies and gentlemen, this isn’t about politics. It is reality, Hayi Moomen concluded.

So, it was refreshing when I saw leak of an internal communication from Nestle Ghana Ltd informing workers (line managers, I hear) with GHC 7,500 to cushion them in this challenging times.

The leaked letter reads: Economic Volatility in Ghana-Support to Employees.

Dear colleagues

The unstable and unpredictable economic turbulence we continue to see in Ghana since the beginning of 2022 have brought major challenges to us as business.

I am proud of how as one Team, we have been united to overcome these unprecedented challenges in a very difficult time.

Despite these difficulties and as a sign of appreciation to the effort of each and every one of us, Management has decided to support employees and their families during this period.

I’m pleased to inform you that all permanent local employees will receive a one-off lump sum payment of GHC 7,500(Seven Thousand, Five Hundred Ghana Cedis) together with their upcoming October 2022 salaries.

Please note that the payment will be subject to statutory tax deductions.

Signed

Georgios Badaros

Managing Director

  1. The leaked document

 

 

 

 

 

 

Tags: 500 to cushion them against economic woes?inflationIs Nestle Ghana supporting staff with GHC 7Nestle Ghana
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.