President Nana Akufo-Addo has announced the reduction of the salaries of all his appointees by up to 30 percent.
This, according to the presidency, is one of the measures introduced by the government to deal with the economic problems facing the country at the moment.
Announcing the development on Wednesday, the Presidency said it was one of the “measures to mitigate hardships in the economy.”
The Minister of Finance, Ken Ofori-Atta, will be announcing the measures that have been taken by the government to tackle the economic challenges facing the country at the moment tomorrow.
In a meeting with the Council of State members at the Jubilee House in Accra on Tuesday, March 22, Mr Akufo-Addo noted that “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 further observed that the challenges that are facing Ghana are similar to those pertaining to many countries around the world.
Ghana’s economy is crumbling as it is plagued with a number of challenges, including rising inflation and the rising cost of fuel.
The country’s currency is also suffering depreciation, especially against the US dollar, while the public debt level has attained an unsustainable level.
The budget stalemate in Parliament over the Electronic Transaction Levy (E-levy) has compounded the crisis, leading to the downgrading of Ghana by credit rating agencies which has restricted Ghana’s access to international bond markets.