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.
shauntvng
