Big Brother Naija Season 7 is BackWatch Live

Ghanaian President, ministers cut salaries by 30% to reduce govt spending

Ghanaian President Nana Akufo-Addo and his ministers have had their salaries cut by 30% as part of budget cuts as the country grapples with increasing gasoline costs as a result of the Ukraine crisis and stalled work on a new tax, according to the administration.

Foreign travel by government appointees, except for vital missions, and the purchase of imported vehicles have been prohibited with immediate effect, according to Finance Minister Ken Ofori-Atta.

He stated that the administration intended to save $400 million as a result of the measures.

Because of the Russia-Ukraine conflict, global fuel prices have reached all-time highs, driving up living and transportation costs in a way that has struck West African countries like Ghana hard.

"It is important to stress, right from the onset, that the difficulties we are facing in Ghana are not peculiar to Ghana,” the minister’s statement said.

"Governments in both developed and developing countries are busily coming out with various prescriptions to bring their economies back on track, after the devastating impact of Covid-19 which distorted global supply chains, and the ongoing Russia-Ukraine war."

A 50 percent reduction in fuel coupon distributions for all political appointees and heads of government institutions is among the other measures.

The National Democratic Congress (NDC), the main opposition party, felt the rulings were insufficient.

"Our instant answer to the Minister of Finance is to emphasize loudly and categorically that he has lost touch with reality, that he is not in tune with the status of the Ghanaian economy," Haruna Iddrisu, the Minority Leader, told reporters in parliament.

According to Bank of Ghana data, the country's debt to GDP ratio was 80.1 percent at the end of December 2021.


Post a Comment


Disclaimer: Comments and opinions on any part of this website are the opinions of blog commenters or anonymous individuals, and do not reflect's position.

Post a Comment

#buttons=(Accept !) #days=(1)

Our website uses cookies to enhance your experience. Learn More
Accept !
To Top