Government to check depreciation of cedi with $2bn injection into the economy
Government has revealed plans to pump some $2bn into the economy to mitigate the depreciation of the cedi against the world’s major trading currencies.
According to government, this forms part of measures adopted by President Akufo-Addo to salvage the economic crisis in the country as well as mitigate the hardships being experienced by the Ghanaian populace.
Amidst the growing depreciation of the cedi and the recent increments in fuel prices and prices of general goods, the government held a crunch cabinet meeting to find solutions to the raging economic challenges.
In a Facebook post on Wednesday, the Jubilee House highlighted four measures government has approved during its cabinet meeting to cushion Ghanaians amidst the economic hardships.
These include; the reopening of the country’s land borders within two weeks, Government cuts salaries of appointees by up to 30%, the Bank of Ghana increases policy rate to 17% and government to pump $2billion to rescue cedi.
The Finance Minister Ken Ofori-Atta is expected to brief the country today, Thursday, March 24, on government’s measures to mitigate the current economic challenges confronting the country.
Meanwhile, members of the Council of State have resolved to reduce their monthly allowances by 20% until the end of the year due to the country’s economic challenges.
According to the Chairman of the Council, Nana Otuo Serebour II, the move is to help them identify with Ghanaians amid the difficulties people are facing.
Speaking at the Jubilee House during a meeting with the President on Tuesday, he was hopeful “this small gesture will be emulated by other organs of government.”
“Mr. President, in tandem with your decision, we as the Council of State have also decided that we will reduce our monthly allowances by 20% until the end of this year. This move is our way of contributing our widow’s mite to our total efforts towards economic recovery,” he said.
Government to slash salaries of appointees by 20-30%
Also, government has indicated that salaries of appointees could reduced by between 20% and 30%.
According to reports, discussions are ongoing over the proposal and the outcome would be soon made public.
The move norvanreports understands, is to protect social interventions such as the school feeding programme among others.
In all, ministers, heads of state enterprises as well as heads of municipal and district assemblies will have their salaries affected.
