Ofori-Atta announces government’s measure to support the economy

Minister for Finance Ken Ofori-Atta on Thursday announced measures government says it expects will help the Ghanaian economy to recover and also cushion Ghanaians against the worsening economic conditions that has affected all sectors of the economy.

The measures include expenditure cuts, currency financing measures, an intensive revenue mobilization drive, and reductions in fuel prices.

Addressing a press conference in Accra on Thursday, Mr. Ofori-Atta said the present times call for very efficient use of energy resources and as such, government has decided that effective 1st April 2022, “discretionary spending is to be further cut by an additional 10%. There will be a 50% cut in fuel coupon allocations for all political appointees and heads of government institutions, including State Owned Enterprises (SOE).”

He also announced that staff of the Ministry of Finance are presently meeting with the various Ministries, Departments and Agencies to review their spending plans for the remaining three (3) quarters of the year, in order to achieve the discretionary expenditure cuts.

Other major measures announced by the Finance Minister include cabinet’s approval for all heads of SOEs to contribute 30% of their salaries to the Consolidated Fund from April to December 2022, and a 50% reduction in expenditure on all meetings and conferences. This will take immediate effect.

On the frequent and astronomical increases in fuel prices, Mr. Ofori-Atta said government has decided to reduce its margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1st of April.”

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