After 20% Cut, Govt Announces A Further 30% Slash In Its Expenditure – Oppong Nkrumah | Economy

The ruling government is set to slash the budget expenditure of all Ministries, Departments and Agencies by a further 30 percent.

It may be recalled that government, in the early part of the year, announced a 20% cut in its expenditure as part of efforts to mitigate the economic downturn.

Subsequently, following a quarterly Cabinet retreat for 2022 held at the Peduase Lodge in Aburi, President Akufo Addo “approved a number of far-reaching measures aimed at mitigating the depreciation of the Cedi, ensuring expenditure discipline, and providing relief in the face of global fuel price hikes and inflation as well as ensuring that priority programmes meant to grow the economy are protected.”

Speaking in an interview on Peace FM‘s morning show ‘Kokrokoo‘, Information Minister, Kojo Oppong Nkrumah said part of the measures is a further cut in expenditure.

According to him, “the Minister of Finance, Ken Ofori Atta will announce the specific percentages to be cut after a deliberation with the various stakeholders involved.“

“There was an initial 20 percent slash in expenditure and I can state on authority that there’s going to be further cuts,” Kojo Oppong Nkrumah revealed.

Meanwhile, the Finance Minister in the days ahead will provide a detailed information on how government intends to deal with the current economic crisis.