Sacrifice to help us navigate economic hardships – Akufo-Addo begs Ghanaians in Eid message
Ghana runs to IMF for financial bailout
President Nana Addo Dankwa Akufo-Addo has announced that his salary and that of all his appointees have been cut by 30%.
The 30% cut also affects the expenditure of ministries, governmental agencies and departments.
Addressing Muslims at an Eid-Ul-Adha ceremony on Saturday, July 9, 2022, President Nana Addo Dankwa Akufo-Addo indicated that fuel coupon allocations had also been slashed by 50%, as well as, other expenditures suspended due to the current economic challenges.
He entreated Ghanaians to sacrifice to help government navigate through the wobbling economy.
“We are all going to have to make some sacrifices to afford us the space to navigate the troubled waters of the current economic difficulties. The expenditure of ministries, departments, and agencies has been cut by 30 percent. The salaries of all appointees including myself have been reduced by 30 percent. Fuel coupon allocations have been slashed by 50 percent and other expenditures suspended," he stated.
He urged Ghanaians to bear with him as he puts in measures to stabilize the economy.
It would be recalled that President Nana Addo Dankwa Akufo-Addo on Friday, July 1, 2022 instructed the Finance Minister, Ken Ofori-Atta to commence official engagements with the International Monetary Fund.
According to a press statement sighted by GhanaWeb, the IMF support will provide a “balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic, and recently, the Russia-Ukraine crisis.”
The International Monetary Fund (IMF) on the same day confirmed that the Government of Ghana had run to them for a financial bailout to stabilize the economy.
Announcing this on microblogging site - Twitter - on Friday, July 1, 2022, the IMF said it was poised to assist Ghana to have a homegrown economic programme.
"We confirm Ghana officials have been in touch to request IMF support for a homegrown economic program. The Fund stands ready to assist Ghana & looks forward to starting initial discussions in the coming weeks," the IMF stated.
Meanwhile, IMF negotiations with Ghana began on Friday, July 6, 2022.
ESA/WA
President of Ghana, Nana Addo Dankwa Akufo-Addo