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Economic challenges: Council of State members slash their allowances by 20%

Members of the Council of State have agreed to a 20% reduction in their monthly allowances till the end of 2022.

Council of State

This, according to the members, is to support government to implement its austerity measures amid the current economic challenges the country is facing.

In a meeting with President Nana Addo Dankwa Akufo-Addo in Accra, the Chairman of the Council of State, Nana Otuo Siriboe II said the measure is in support of the 30% salary reductions by the Executive.

He expressed the hope that this small gesture would be emulated by other organs of state.

President Akufo-Addo expressed delight about the decision by the Council “to join the effort that we all have to make to downsize the expenditure size of our public finances.”

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He added, “We intend to do it and I’m grateful for the act of solidarity on the part of the council for doing the same thing.”

The President also reiterated his belief that the current economic challenges will be reversed by his government.

“It is no secret that our economy is going through difficult times. It is also no secret that we are not alone in that exercise. The phenomenon that we’re facing, applies to many parts of the world as well. But that doesn’t therefore mean that government is impotent in trying to find solutions”, he said.

“Our retreat which you referred to, is in some way quite timely, because as a general rule, we have retreats each year on a quarterly basis, and this is the first one for this year. Fortunately for us, it coincided with these difficulties, and the public anxiety about the way that the economy was going. It gave us therefore the opportunity of the three days to look at depth, where the economy was headed, and what measures were necessary to be taken”, President Akufo-Addo stated.

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He also announced that, the Finance Minister, Ken Ofori-Atta will address the nation on March 24, on the specific measures, which have been decided by government to better the economy.

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