Ghana‘s government has proposed a series of steps, including a $2 billion injection into the economy to assist stabilise the country’s currency, and slashing Ministers’ salaries by 30%.
The pay cut would also affect government officials and leaders of state-owned firms.
The measures, according to Finance Minister Ken Ofori-Atta, will help Ghana cope with the effects of Covid-19 and the recent surge in crude oil costs caused by the Ukraine war.
Ofori-Atta also promised a further 10% drop in government spending, as well as a more than 1% fall in petroleum product prices, at a news conference.
The West African country has been grappling with increased living costs as a result of inflation and the depreciation of its currency, the cedi.
Ghana’s central bank also raised the interest rate on commercial bank loans to 17 percent on Monday.
According to analysts, this will raise the cost of borrowing for both individuals and corporations.