President Nana Addo Dankwa Akufo-Addo has lauded the Trades Union Congress (TUC)-Ghana for continuously influencing labour and national policies amid the complexities of the global economy.

The Congress had been instrumental in facilitating dialogue among tripartite constituents on critical socio-economic issues to build a harmonious and stable working environment, he noted.

The President, in an address at the 12th Quadrennial Congress of the Trades Union Congress (TUC)-Ghana, at Kasoa, in the Central Region said the global economic downturn, exacerbated by the current geopolitical tensions, had had a profound impact on the national economy.

The consequences had brought enormous pressure on industries, businesses and the livelihoods of the people, he admitted.

“In such times, the power of trade unions should be sustained and leveraged to ensure that the interests of workers are protected, and that we navigate collectively through these turbulent waters.

“It is important that trades unions continue to be the voice of reason, and advocate for policies that promote economic stability, job security, and social justice,” he advised.

He urged stakeholders to strive to nurture the social partnership that had been instrumental in addressing the difficulties “we face in consolidating the gains we have made”.

“Despite the global economic downturn, labour markets around the world have shown resilience. Here in Ghana, our efforts in pursuing economic growth, stable macro-economic environment is achievable, but it requires the active participation of trades unions,” he appealed.

President Akufo-Addo lauded the TUC for being a formidable organisation, persistently championing the interest of workers through frequent and meaningful engagements with the Government.

Over the decades, it had served as the voice for workers across various sectors of the economy, he stated, adding that the strong and constructive relationship that had existed between the Government and the TUC was commendable.

The President commended the leadership for continuously influencing labour and national policies – facilitating dialogue among tripartite constituents on critical socio-economic issues.

On pensions, he said, the sector had witnessed significant improvements, with active contributors to the Social Security and National Insurance Trust (SSNIT) Scheme increasing from 1.35 million in 2016 to two million as of April 2024.

“Coverage of pensions in the informal sector increased from 91, 253 in 2016 to 817, 444 currently,” the President said.

He said the growth of pension fund assets served as vital capital for investment, infrastructural development and job creation.

Consequently, the Government remained committed to expanding pension coverage, sustaining the pensions’ regime and enhancing the adequacy of pension payouts.

The President took note of the improved performance of SSNIT, which recently announced a surplus of GHS230 million on its operations.

The gains made, he said, should be reassuring to organised labour, adding that the development ought to end “the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio”.

“It is my understanding that the transaction that was aborted represented the only occasion in recent history of SSNIT that external investors sought to invest in SSNIT holdings. All of us need to be measured when it comes to making decisions and pronouncements that will affect the long-term interest of pensioners,” he advised.

Dr Yaw Baah, the outgoing Secretary-General of the TUC-Ghana, commended Ghanaian workers for their commitment and dedication to the nation’s development agenda.