The government has announced that it will inject $2 billion into the economy to stop the cedi’s continuous depreciation.
This is one of President Akufo-measures Addo’s to alleviate the hardships being faced by the people.
The government held a critical cabinet meeting to find solutions to the raging economic challenges, despite the cedi’s continued depreciation and recent increases in fuel and general goods prices.
The Jubilee House highlighted four measures approved by the government during its cabinet meeting on Wednesday in a Facebook post to help Ghanaians cope with economic hardships.
These include the reopening of the country’s land borders within two weeks, the government cutting appointee salaries by up to 30%, the Bank of Ghana raising its policy rate to 17%, and the government pumping $2 billion into the cedi to save it.
Meanwhile, due to the country’s economic challenges, members of the Council of State have agreed to reduce their monthly allowances by 20% until the end of the year.
According to the Council’s Chairman, Nana Otuo Serebour II, the move is intended to help them identify with Ghanaians in the midst of the country’s difficulties.
During a meeting with the President at Jubilee House on Tuesday, he expressed hope that “this small gesture will be emulated by other organs of government.”
“Mr. President, in accordance with your decision, we, the Council of State, have decided to 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 overall economic recovery efforts,” he explained.
On Thursday, March 24, Finance Minister Ken Ofori-Atta is expected to brief the country on the government’s plans to address the country’s current economic challenges.
Many Ghanaians have expressed dissatisfaction with how rising fuel prices, increases in transportation and food prices, and the depreciating cedi have increased their cost of living.
President Akufo-Addo, for his part, urged the public to wait for the Finance Minister’s announcement of decisions.
“Fortunately for us, our retreat coincided with these difficulties and public concern about the state of the economy.” It thus provided us with the opportunity over the course of three days to examine in depth where the economy was headed and what steps needed to be taken.
“The decision was made that the Minister for Finance will have a major engagement with the nation on Thursday where he will be able to layout specifically the measures that we have taken and that we intend to take,” President Akufo-Addo said.
Source: CitiNews
