The ruling government is set to slash the budget expenditure of all Ministries, Departments and Agencies by a further 30 percent.
It may be recalled that government, in the early part of the year, announced a 20% cut in its expenditure as part of efforts to mitigate the economic downturn.
Subsequently, following a quarterly Cabinet retreat for 2022 held at the Peduase Lodge in Aburi, President Akufo Addo "approved a number of far-reaching measures aimed at mitigating the depreciation of the Cedi, ensuring expenditure discipline, and providing relief in the face of global fuel price hikes and inflation as well as ensuring that priority programmes meant to grow the economy are protected."
Speaking in an interview on Peace FM's morning show 'Kokrokoo', Information Minister, Kojo Oppong Nkrumah said part of the measures is a further cut in expenditure.
According to him, "the Minister of Finance, Ken Ofori Atta will announce the specific percentages to be cut after a deliberation with the various stakeholders involved."
"There was an initial 20 percent slash in expenditure and I can state on authority that there's going to be further cuts," Kojo Oppong Nkrumah revealed.
Meanwhile, the Finance Minister in the days ahead will provide detailed information on how government intends to deal with the current economic crisis.
Source: Rebecca Addo Tetteh/Peacefmonline.com
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Oppong Nkrumah, do us a favour. Organize a press conference and explain these issues to those of us who know nothing about economics and governance. Number 1 : Is Ghana's oil discovery a blessing or a curse? If it's a blessing how come that with the huge profits government is currently making from crude oil sales as a result of the rising prices in the world market, Ghanaians are buying fuel like countries that have no oil at all. Why can't government divide the huge profits from oil into 3 equal parts and use 1/3 of the profit to cushion the people to buy fuel at prices much lower than we are currently experiencing? If the oil discovery is a curse then shutting down the oil fields will be much better. Have you ever seen a Fulani man with cattle going to buy cow milk? Number 2. How is governments budget determined such that the Ghana revenue authority (GRA) keeps telling us every year that they have exceeded their target and yet government can't honour statutory payments i.e. Assemblies common fund, Getfund, Road fund, health insurance fund etc. How come you ask your revenue collector to go and bring you 100,000.00 Ghana cedis, he goes out there and brings in 150,000.00 Ghana cedis, 50% above what you wanted and yet still these statutory payments are all in arrears? We are waiting for your response. Kufour came and said there was nothing in state coffers and used his wisdom/ grey hair and join HIPC thus getting enough space to do all the pro poor policies from which Ghanaians are still benefitting. Akuffo Addo, also look for something and join. Kufuor was very smart, he made friends with the very rich presidents i.e. George ***barred word***,(America) Tony Blair, Queen Elizabeth,(Britain) Angela Merkel, (Germany) Jacques Chirac,(France) Shinzo Abe ( Japan) and Ghana benefitted from these countries, metro mass transport, school feeding program, millennium challenge account, free maternity care, George ***barred word*** highway, MASLOC, Youth employment program, NHIS, Bui Hydro power dam, vibrant private sector, vibrant financial sector with banks chasing customers to come for loans especially government workers because they have accumulated enough capital. kufour made akuffo Addo foreign affairs minister to follow him to these countries and apply same when he takes over, unfortunately the Akuffo Addo elephant equally have big ears but it doesn't listen, at best it will hear but won't listen thus Ghana's current woes.