• World - Africa
  • Updated: October 31, 2022

Ghana President Announces Budget Cut To Salvage Economy

Ghana President Announces Budget Cut To Salvage Economy

President Nana Akufo-Addo of Ghana announced governmental budget cuts during a national address to salvage the country's plummeting economy as a result of the Ukrainian crisis and the COVID-19 pandemic.

Akufo-Addo addressed the nation in a half-hour speech that was broadcast on Sunday night to lay out the wide range of steps his government will be doing to get out of financial trouble, including steps to encourage domestic industry.

He mentioned a 30% reduction in the wages of the President, Vice President, Ministers, Deputy Ministers, and political office holders as one of these steps.

"We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.

"But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that continue to bedevil our economy,” expressed the Ghanaian leader.

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