President Nana Akufo-Addo has announced some nine measures to address Ghana struggling economy which is leaving Ghanaians to bare unbearable living conditions.
According to the President, his government is working tirelessly to ensure the current economic hardship is curtailed.
In an address to the nation on Sunday, 30th October, 2022, the President said,
“for us in Ghana our reality is that our economy is in great difficulty, the budget drawn for the 2022 fiscal year (that is this year) has been thrown out of gear, disrupting our balance of payment and debt sustainability, and further exposing the structural weaknesses of our economy. We are in a crisis, I do not exaggerate when I say so . . .
“The basic problem we face is we are not making as much money as we need to spend . . . not enough of us are paying our taxes, not enough of us are producing to generate the revenues that we need, nevertheless my ambitions for Ghana remain high . . .
“The whole world is being taken aback . . . economies big and small have experienced over this year alone the highest rise and cost of living over a generation,” he added.
The president has therefore taken some decisions he believes will help bring the almost collapsed economy back to life.
Decisions Taken by Akufo-Addo
- To restore and sustain debt sustainability : He said government plans to reduce our total public debt to GDP ratio to some 55% in present value terms by 2028. With the servicing of our external debt, not more than 18% of our annual revenue also by 2028.
- Aiming to restore and sustain macroeconomic stability within the next 3 to 6 years. Focus on ensuring debt sustainabilty to promote durable and inclusive growth while protecting the poor.
- Review reforms in Energy sector
- Capping of statutory funds
- Implementation of the exemptions Act
- New Property rate regime
- Continuation of the policy of 30% cut on the salaries of political office holders; President, Vice President, Ministers, Deputy Ministers, MMDCEs and SOE appointees in 2023.
- 30% cut in discretion expenditures of Ministries, Departments and agencies.
- Review the standards required for imports into the country.
However, some Ghanaians have expressed their dissatisfaction with the president address.
They believe the president wasn’t introspective enough while some say these measures will amount to nothing.
source: theGhanaianvoice.com
