President Nana Addo Dankwa Akufo-Addo has announced a 30 percent salary cut for himself and all of his appointees.
The 30 percent reduction also impacts the expenditures of ministries, agencies, and departments.
President Nana Addo Dankwa Akufo-Addo announced, while addressing Muslims at an Eid-Ul-Adha ceremony on Saturday, July 9, 2022, that fuel coupon allocations had been reduced by 50 percent and other expenditures had been suspended due to the country’s current economic difficulties.
He urged Ghanaians to make sacrifices to assist the government in stabilizing the economy.
“We will all be required to make sacrifices in order to navigate the turbulent waters of the current economic difficulties. The expenditures of government ministries, departments, and agencies have been reduced by 30%. All appointees, including myself, have had their salaries reduced by 30 percent. Fuel coupon allocations have been reduced by fifty percent, and other expenditures have been halted,” he explained.
He urged the Ghanaian people to be patient as he implements measures to stabilize the economy.
Recall that on Friday, July 1, 2022, President Nana Addo Dankwa Akufo-Addo instructed the Finance Minister, Ken Ofori-Atta, to begin official engagements with the International Monetary Fund.
According to a press release seen by GhanaWeb, the IMF support will provide “balance of payment support as part of a broader effort to accelerate Ghana’s recovery from the COVID-19 pandemic and, more recently, the Russia-Ukraine crisis.”
The International Monetary Fund (IMF) confirmed on the same day that the government of Ghana had sought financial assistance from them to stabilize the economy.
On Friday, July 1, 2022, the IMF announced on the microblogging site Twitter that it was prepared to assist Ghana in developing its own economic program.
“We can confirm that Ghana officials have requested IMF support for a domestic economic program. The Fund is prepared to assist Ghana and looks forward to initiating preliminary discussions in the coming weeks, according to the IMF.
In the meantime, negotiations between the IMF and Ghana began on Friday, July 6, 2022.