Akufo-Addo approves top measures to mitigate economic hardship

The President of Ghana, Nana Addo Dankwa Akufo-Addo has approved top measures to mitigate economic hardship in Ghana.

He spelt out the measures to lessen the economic hardships the country is facing currently, as a means of lessening the economic hardships of Ghanaians.

Africa’s top performing currencies in 2022 – Ghana cedis ranked 2nd worst currency

The President made it crystal clear that he has approved the cut of appointees’ salaries amounting to as high as 30% in other to support addressing the emanating challenges. He believes that, leadership must always be an example.

The office of President, following agreement at the just ended Cabinet retreat has also approved easing of boarders within two (2) weeks for trading among Ghanaians and neighboring countries to trade in and out of the of Ghana.

Ranking: Ghana Cedis, now worst performing among 15 top African currencies

Moreover, the approval covered a rescue plan. Government has approved an amount of $2Billion as the money they will use to ‘Rescue the Cedi’ for the rightful balance they expected when the money is put to use.

Finally, the measures approved has a “policy rate increased substantially to 17% ; cost of loans to go up.”

Bank of Ghana: Features of Currency Notes of Ghana Cedis

Meanwhile, the Finance Minister, Ken Ofori-Atta is expected to announce all decisions taken by Cabinet to help mitigate economic hardship, thereby addressing the depreciation of the Ghana cedis.

SOURCE: Coverghana.com.gh