Expenditure-cut measures: Government to save GHC3.5 billion, says Ofori-Atta

The government has directed that ministers and heads of state-owned enterprises (SOEs) contribute 30% of their salary to the national coffers from April to December 2022

The Minister for Finance, Ken Ofori-Atta, has said the government will save about GHC3.5 billion from the 30% salary cut of ministers, heads of state-owned enterprises (SOEs) and other expenditure-cut measures.

Addressing the country on measures being taken to curb the economic challenges Ghana is facing, Ofori-Atta said: “With regard to savings, in terms of our initial calculations of all of that [the salary cut] will be about GHC3.5 billion that we expect to be able to save.

“But we’ll keep titrating and tightening it to ensure that we get as much [as we can] from that,” he said.

Cabinet earlier approved a proposal that ministers and the heads of SOEs contribute 30% of the salary they earn between April and December 2022 to the Consolidated Fund.

Members of the Council of State have also agreed to a 20% cut to their monthly allowance for the next year to support efforts aimed at stabilising the economy.

According to the Council of State, the contribution is their widow’s mite to support the overall effort being made by the government to spur economic recovery.

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