Cut in fuel coupons, ban on foreign travels, vehicle imports, other measures govt intends to minimize expenditure
The Minister of Finance, Ken Ofori-Atta has announced a raft of measures targeted at ensuring the achievement of the fiscal deficit target of 7.4% of GDP in 2022. The measures were announced yesterday at a press briefing in Accra. They are expected to complement the ongoing 20 percent expenditure cut as part of fiscal stabilization and debt sustainability measures being undertaken by the government. The measures are; i. An additional 10% cut in discretionary spending. The Ministry of Finance is currently meeting with MDAs to review their spending plans for the rest of the three (3) quarters to achieve the discretionary expenditure cuts; ii. A a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022; iii. The Government has imposed a complete moratorium on the purchase of imported vehicles for the rest of the year. This will affect all new orders, especially 4-wheel drives. We will ensure that th...