Ghana cuts salaries of appointees by 30% to mitigate economic hardship

The Ghanaian government has announced a 30 percent salary cut for its appointees.

 

This is one of the measures introduced by the government to mitigate economic hardship in the country.

 

The presidency disclosed this on Twitter on Wednesday, adding that all measures have been approved by Ghanaian President Nana Akufo-Addo. 

MEASURES TO MITIGATE HARDSHIPS IN THE ECONOMY.#BouncingBackTogether#BuildingGhanaTogether pic.twitter.com/DDICjqxj2o

— Ghana Presidency (@GhanaPresidency) March 23, 2022

Other measures include the reopening of land borders in two weeks.

 

They have remained shut since the start of the COVID-19 pandemic in 2020.

 

Ghana’s central bank also raised policy rate by 250 basis points to 17 percent; this means the cost of borrowing will shoot up.

Additionally, the government is going to pump $2 billion into the economy to help stabilise the cedi (Ghana’s currency) which has been falling in value to the dollar and other international currencies of trade for the past few months.

 

Ken Ofori-Atta, Ghana’s finance minister, is expected to address and explain in detail the measures tailored to mitigate the current economic challenges and other issues on Thursday.

 

Ghana’s council of state has also decided to reduce members’ monthly allowances by 20 percent for the rest of this year.

 

Nana Otuo Serebour II, chairman of the council of state, said: “This move is our way of contributing our widow’s efforts towards economic recovery.”