Government following the first of the quarterly retreats for 2022 held by Cabinet at Peduase Lodge in Aburi in the Eastern Region has decided to cut by 30 percent the budget expenditure of all Ministries, Departments and Agencies for the year 2022.
The cost cutting measures include strict implementation of austerity measures safe cost in government operations.
The Cabinet decision is the Akufo-Addo government’s way of reducing cost and pruning expenditure due to the general economic difficulties as partners to hasten the country’s recovery from COVID-19.
This is among other important measures which will be taken by government to revive the post COVID19 economy which has been confronted with some challenges.
The meeting held between the 17th and 20th of March at Peduase Lodge, Aburi, in the Eastern Region was to review the performance of government programs and examine the impact of the global economic challenges on Ghanaians.
President Nana Addo Dankwa Akufo-Addo who chaired the meeting has taken some key decisions which when implemented should reduce the negative impact on Ghanaians.
The President has directed the Ministers of Energy and Finance to find ways of addressing the escalating fuel prices in the country although it is global phenomena.
Besides, government has also taken a concrete decision to raise capital in order to bring the economy back on track with injection of over $2 billion to check the depreciation of the cedi.
Government has decided to review existing protocols imposed on arriving passengers at the airport.
Also, government is considering scrapping COVID 19 test for vaccinated travelers especially the mandatory testing either before one boards an incoming flight or when one arrives at the Kotoka International Airport.
Government has also decided to reopen all land borders in the country.
The borders which were closed to human traffic over 2 years ago following the outbreak of the COVID-19 pandemic in Ghana will be reopened based on some conditions which will be spelt out.
Reopening of the borders was as a result of a recommendation by the COVID-19 taskforce to the President and Cabinet as a whole following three months of studies and analysis of Covid-19 vaccination and infection trends in Ghana and neighbouring West African countries.
Meanwhile, Bank of Ghana (BoG) followed by the Finance Ministry is expected to address the nation on some of the issues addressed at the retreat shortly.
Governor of BoG, Dr Ernest Addison briefed the media this morning where more light was thrown on the economic revitalization.
Government is optimistic that some of the decisions taken will go a long way to address the continuous depreciation of the cedi, stabilize the economy and the recent increments in fuel prices as well as reduce burden on Ghanaians.