Tough Times: President, Ministers Slash Salaries by 30%, Here's why
- The Ghanaian government is planning to slash the salaries of political appointees in the West African country by 30%
- Nana Akufo-Addo, the president of Ghana cited financial problems as the reason for the development
- The salaries of ministers, heads of state enterprises as well as heads of municipal and district assemblies will be affected
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A report by The Punch indicates that Ghanaian President Nana Akufo-Addo plans to slash the salaries of political appointees in the country by 30% as part of measures to ease its financial problems
The West African country has adopted measures to reduce spending as the country struggles with higher fuel costs and stalled progress on a new tax.
Source: Twitter
Ken Ofori-Atta, the finance minister on Thursday, March 24, said the development was to help Ghana cope with the impact of Covid-19 and the current rise in crude oil prices, caused by the invasion of Ukraine, Daily Trust added.
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The minister also announced that foreign travel by government appointees, except for critical missions, and the purchase of imported vehicles have been suspended immediately.
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Following the announcement, Ghana hopes to save around $400 million through the latest measures.
Due to the inflation and the falling value of its currency, Ghana has been struggling to deal with the rising cost of living.
4 in 10 Nigerians are poor: World bank list to FG urgent actions needed to stop poverty from getting worse
In an earlier report by Legit.ng, World Bank has declared that four out of every 10 Nigerians are poor and there is a need for long-term reforms to foster and sustain pro-poor growth and raise citizens out of poverty.
The Bank stated this in its latest report titled, ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’.
The report highlighted the need for the Nigerian government to engage in macroeconomic and fiscal reforms.
FG to spend N3.53trillion on infrastructure, human capital development in 2022
In a related development, the minister of finance, budget and national planning, Zainab Shamsuna Ahmed, has revealed that the federal government will spend N3.53 trillion on infrastructure and human capital development in the year 2022.
She stated this during a town hall meeting organised by the ministry of information and culture in Abuja on Tuesday, February 22, and attended by a Legit.ng reporter.
The minister said Nigeria’s huge and growing population offered both an economic challenge and opportunity in the light of constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the local economy.
Source: Legit.ng
