The Minister of Finance, Ken Ofori-Atta, has addressed the press after months of expectations from Ghanaians for an official statement from the government on the prevailing hardships in the country.
In his address, he spoke about a number of new measures that the government, led by Nana Addo Dankwa Akufo-Addo, intends to introduce, as a way of saving the ailing economic from possible full-blown crisis.
According to the minister, the economy of the country has been affected in areas of rising fuel prices, rising inflation and cost of living, exchange rate depreciation, rising interest rates, revenue mobilization challenges.
In a broader scope, the minister spoke on the following topics: Global and Domestic Economic Development; and the Measures to Address the Challenges; Expenditure Cutting Measures; Fuel Price Mitigation Measures; and Revenue Measures.
BK news bring you some of the highlights of his address:
There will be 50% cut in the fuel coupon allocations for all political appointees and heads of government institutions, including SOEs
Government to prioritize ongoing public projects over new projects
Government will reduce expenditure on all meetings and conferences by 50% effective immediately
Government has imposed a complete moratorium on the purchase of imported vehicles for the rest of the year. This will affect all new orders, especially 4-wheel drives.
Government has imposed a moratorium on all foreign travels
Government will conclude the renegotiation of the Energy Sector IPPs capacity charges by end of Q3-2022 to further reduce excess capacity payments by 20% to generate a total savings of GHS1.5 billion
Government will conclude on-going measures to eliminate “ghost” workers from the Government payroll by end December 2022
Additional 1-2 billion dollars to be brought into the country to stabilize the economy
Discretionary spending is to be further cut by an additional 10%.
Impose a moratorium on establishment of new public sector institutions by end April, 2022
Reduce expenditure on all meetings and conferences by 50%, effective immediately
Ministers and the Heads of SOEs to contribute 30 percent of their salaries from April to December 2022 to the Consolidated Fund
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