Akufo-Addo to Cut Appointees' Salaries By 30% To Mitigate Economic Hardships

Akufo-Addo to Cut Appointees' Salaries By 30% To Mitigate Economic Hardships

  • President Akufo-Addo has announced a 30% cut in the salaries of all his appointees until further notice
  • The move is part of measures to tackle economic hardships, which were agreed on during a recent cabinet retreat at Peduase Lodge
  • President Akufo-Addo has also revealed that $2 billion will be injected into the economy to hold the depreciating cedi

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Salaries of government appointees in this current administration have been slashed by 30% as part of President Nana Akufo-Addo's measures to tackle biting economic hardships.

Also, the government has announced that all the land borders, which had been closed since 2020, will be opened within two weeks.

There is also a plan to pump $2 billion into the economy to hold the cedi's fall against the dollar and other major trading currencies.

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Nana Akufo-Addo
President Nana Addo Dankwa Akufo-Addo. Source: Getty Images
Source: Getty Images

These measures to mitigate the current economic challenges were contained in a post by the official handle of the presidency on Wednesday, March 23, 2022.

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Already, the members of the Council of State have voluntarily reduced their monthly allowances by 20% until the end of the year in line with government's austere measures.

The measures to mitigate the harsh economic conditions in Ghana dominated the first retreat of the President Akufo-Addo and his ministers at the Peduase Lodge in Aburi over the weekend.

The bi-weekly spikes in the price of fuel, the depreciation of the cedi against major trading currencies, inadequate revenue, the issue of the closed land borders and the many sources of huge waste in the public sector was among the topical issues the president and ministers talked about.

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Ofori-Atta To Present Outcome Of Cabinet Retreat To Parliament This Week

Finance Minister, Ken Ofori-Atta, will this week brief Parliament about the outcome of the recent cabinet retreat on Ghana’s current economic challenges.

The retreat was held at the behest of President Nana Akufo-Addo at the Peduase Lodge and ended on Sunday, March 20, 2022.

The Finance Ministry has said in a statement dated Monday, March 21, that Nana Akufo-Addo approved far-reaching measures to hold the cedi fall, ensure expenditure discipline and bring down inflation and fuel prices.

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