Until further notice, Ghana’s President Nana Akufo-Addo has announced a 30% pay cut for all of his appointees. The move is part of a package of economic-relief measures.
On Wednesday, March 23, 2022, the official handle of the presidency posted these initiatives to address the current economic issues.
President Akufo-Addo also said that $2 billion would be pumped into the economy to keep the cedi from devaluing.
Members of the Council of State have already agreed to lower their monthly allowances by 20% till the end of the year in order to comply with the government’s austerity measures.
The president and ministers discussed bi-weekly price spikes in fuel, the cedi’s depreciation versus major trading currencies, insufficient revenue, the issue of closed land borders, and the numerous sources of massive waste in the public sector.
The President told the public that the Minister of Finance, Ken Ofori Atta, will announce the government’s plans to address the country’s current economic issues on Thursday 24, during a meeting with members of the Council of State at the Jubilee House in Accra on Tuesday, 22.
He said “The Minister for Finance is going to have major engagement with the nation on Thursday where he is going to be in the position to lay out specifically the measures that we have taken or we intend to take to correct or put the ship of sail better.”
Mr. Akufo-Addo went on to say that Ghana’s issues are comparable to those faced by many other countries throughout the world. He stated that it is no secret that Ghana is experiencing economic difficulties. He stated that the government is capable of finding answers to the problems.
“It is no secret that our economy is going through difficult times. It is also no secret that we are not alone in that exercise. The many of the phenomena that we are facing are phenomena that are apparent in many other parts of the world but that doesn’t therefore mean that government is impotent in trying to find solutions,” the President said.
Source: Ghana Presidency