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Inflation: Ghana Slashed Cabinet Spending By 30%

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FOREIGN NEWS: Inflation: Ghana Slashed Cabinet Spending By 30% [New Foreign News] » Naijacrawl
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On the quest to address the hyper inflation that is ravaging the world, the Ghanaian President Nana Akufo-Addo and his ministers have cut their salaries by 30 percent under measures to reduce spending.



Ghana like many other countries is battling with higher fuel costs from the Ukraine crisis and stalled progress on a new tax, the government said on Thursday.

Finance Minister Ken Ofori-Atta announced that foreign travel by government appointees, except for critical missions, and the purchase of imported vehicles had been suspended with immediate effect.

He said the government hoped to save around $400 million through the measures.

Global fuel prices have hit all-time highs because of the Russia-Ukraine war, driving up costs of living and transport in a way that has hit West African countries like Ghana hard.

“It is important to stress, right from the onset, that the difficulties we are facing in Ghana are not peculiar to Ghana,” the minister’s statement said.

“Governments in both developed and developing countries are busily coming out with various prescriptions to bring their economies back on track, after the devastating impact of Covid-19 which distorted global supply chains, and the ongoing Russia-Ukraine war.”


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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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