Ghana reduces the salaries of political appointees by 30%

ghana reduces the salaries of political appointees by 30
ghana reduces the salaries of political appointees by 30

Ghana’s government has announced that it will reduce the salary of political appointees by up to 30% as part of efforts to alleviate the country’s financial woes.

The presidency also announced on Twitter on Wednesday that it will inject $2 billion into the economy to “save the cedi” currency.

Inflation is out of control, the local currency is devaluing, and the country has a massive debt load that has shattered investor confidence and could lead to a financial catastrophe.

This year, the cedi has lost almost 20% of its value against the dollar, compounding the country’s troubles.

President Nana Akufo-declaration Addo’s comes after the central bank raised its primary lending rate by 250 basis points to 17% on Monday, the greatest increase in Ghana’s history.

Ghana had long been regarded as a rising star among Africa’s emerging market economies, but low oil revenues and supply chain delays caused by the COVID-19 outbreak have dampened hopes.

The presidency also announced on Twitter that the cabinet has agreed to reopen land crossings in two weeks, abolishing COVID-19 pandemic-related restrictions.

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