The Price of Labor
Every year on May 1st, workers across the world rally to celebrate World Labor Day. A day set aside to recognize the hard work and resilience of workers shaping our communities. In Ghana and beyond, the 2025 observance day sets a tone for a critical conversation on financial Security and survival.
What does decent work truly mean when it leaves workers dependent on paycheck to paycheck and unable to build a sustainable financial future?
For Abena Safowa Adjei, a young customer service advisor, the idea of “decent work” remains just that an idea. Despite stable employment, she has no solid investment plan or emergency fund. A grim reality most young worker face.
The Illusion of Decent Work
Decent work as recognized globally, encompasses job security, fair income, and social currency for families and personal development. Yet for many youths in both the formal and informal sector like Safowa this is a distant dream.
“You can’t talk about financial security without talking about money. The average Ghanaian lives on the illusion of hope because the day-to-day expenses absorbs all the money before you know it, so you can’t save. It is during emergency or retirement that reality hits you” She says.
Ghana’s minimum wage hovers just above survival, while inflation absorbs real purchasing power. Informal workers who take up to 80% of the labor force often lack structured pensions, health insurance or savings plans. The consequences of financial precarity are often invisible but deeply felt. It’s a cycle that undermines not just individuals but entire families and generations. But could this be deeper than one’s inability to save?
Randsford Andoh a financial expert and consultant
Financial Literacy Program the Antidote For Financial Insecurity
At the center of this issue lies a reality often neglected. Randsford Andoh a financial expert and consultant share his expertise on the real reason young employees are unable to invest or save.
“Workers often make the best of what they earn, but without knowledge of budgeting, investing, or the value of compound savings, they are left navigating a complex economy blindfolded. I’ve seen nurses earning consistent salaries but drowning in debt. And I have met market women saving little by little through susu and building real financial wealth. The difference is not always income, it’s knowledge and structure” He shares
Financial illiteracy, especially among young people and low-income earners, plays an integral part in perpetuating this cycle. Many workers, particularly in Ghana’s vast informal sector or among first-time earners, lack access to practical knowledge about budgeting, saving, investing, or planning for retirement. Even when tools exist like mobile savings platforms or pension schemes are available, uptake remains low due to limited awareness or mistrust. Ransford also admonishes employers and the government to incorporate financial literacy programs into their structures to sensitize employees.
“We need to normalize financial education in every workplace. Not just corporate settings, but trotro unions, teacher associations, and factories. Workers should know how to invest, save, budget, and plan long term. Financial security should not rest solely on the shoulders of workers.
Building A Secured Future
As we mark Worker’s Day 2025, it is time to push the conversation beyond just employment. Financial security is not a privilege. It is a right. The value of labor must extend beyond the workday, it must mean peace of mind, prosperity, and dignity that endures.
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