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Financial Crisis: Ghana reduces the salaries of cabinet members by 30 pc

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ACCRA: The Ghanaian government has announced a 30 percent salary cut for its appointees to mitigate economic hardship in the country.

Ghanaian President Nana Akufo Addo and his ministers have had their salaries slashed by 30% as part of budget cuts as the country grapples with increasing fuel costs in terms of the Ukraine crisis, as well as blocked progress on a new tax, according to the government.

Foreign travel by government officials, except for essential tasks, and the purchase of imported automobiles have been prohibited with immediate effect, according to Finance Minister Ken Ofori-Atta.
He stated that the government hoped to save $400 million worth of the actions.

Finance Minister Ken Ofori-Atta further said that “Reduce expenditure on all meetings and conferences by 50%, effective immediately. “Finally, Cabinet approved that Ministers and the Heads of SOEs to contribute 30 percent of their salaries from April to December 2022 to the Consolidated Fund.”
According to Bank of Ghana data, the country’s debt to GDP ratio was 80.1 percent at the end of December 2021.

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