National daily minimum wage increased to GHS14.88 effective January 2023

Following a meeting by the National Tripartite Committee (NTC), the National Daily Minimum Wage has been increased to GHS14.88.

According to an official press release, the new minimum wage takes effect on January 1, 2023.

The National Tripartite Committee explains that it took into account the current economic challenges, cost of living, sustainability of businesses, and desirability of attaining a higher level of employment, as well as the need for rapid restoration of macroeconomic stability in the decision to increase the National Daily Minimum Wage.

“In line with Section 113 (1) (a) of the Labour Act, 2003 (Act 651), the National Tripartite Committee (NTC) concluded negotiations on the determination of the 2023 National Daily Minimum Wage (NDMW) at its meeting held on Wednesday, 16th November 2022 in Accra.

“The Committee concluded as follows: An increase in the NDMW by 10% over the 2022 NDMW which translates into a new NDMW of GHS14.88; and A Cost-of-Living Allowance (COLA) of 15% over the 2023 NDMW,” parts of a release from the National Tripartite Committee said today.

It added, “The effective date for the implementation of the 2023 NDMW shall be 1st January 2023.

“All establishments, institutions or organizations whose daily minimum wages are below the new rates should adjust accordingly effective 1st January, 2023.”

The Committee has warned that any establishment, institution, or organization that flouts the 2023 NDMW shall be sanctioned in accordance with the law.