The government has announced that it will inject $2 billion into the economy to stop the cedi from depreciating further.
This is one of President Nana Akufo-attempts Addo's to help the people cope with their difficulties.
The administration held a critical Cabinet meeting to find solutions to the blazing economic issues, despite the cedi's continued depreciation and recent increases in petrol and general goods prices.
The Jubilee House highlighted four steps approved by the government during its Cabinet meeting to help Ghanaians cope with economic problems in a Facebook post on Wednesday.
These include the reopening of the country's land borders in two weeks, the government slashing appointee salaries by up to 30%, and The Bank of Ghana raised its policy rate to 17%, and the government is pumping $2 billion into the cedi's rescue.
In the meantime, due to the country's economic difficulties, members of the Council of State have decided to lower their monthly allowances by 20% until the end of the year.
The action, according to the Council's Chairman, Nana Otuo Serebour II, is intended to assist them relate with Ghanaians in the face of the country's challenges.
During a meeting with the President on Tuesday at Jubilee House, he expressed optimism that "this tiny gesture will be emulated by other departments of government."
Mr. President, we, the Council of State, have agreed to lower our monthly allowances by 20% until the end of the year, in accordance with your decision. "This is our way of giving our widow's mite to our overall economic recovery efforts," he explained.
On Thursday, March 24, Finance Minister Ken Ofori-Atta is slated to advise the country on the government's plans to address the country's present economic issues.
Many Ghanaians have expressed their dissatisfaction with how rising fuel prices, transportation and food expenses, and the devaluing cedi have increased their cost of living.
President Akufo-Addo, for his part, advised the public to wait for the Finance Minister's announcement.
"Thank goodness for it."