Council of State members cut allowances by 20% amid economic crisis

Members of the Council of State say they will slash their monthly allowances by 20% for the rest of the year to help government retain some funds amid economic challenges the country faces.

This move comes amid intense calls for government to reduce its expenditure.

Speaking at the Jubilee House, Chairman of the Council, Nana Otuo Serebour II, said, “We have decided to reduce our monthly allowances by 20% to the end of this year. This move is our way of contributing our widow’s to efforts towards economic recovery.”

On Thursday, March 24, 2022, the Finance Minister will announce several “far reaching measures” government will take to cushion the struggling economy.

Currently, fuel prices keep skyrocketing and prices of goods and services increase by the day.

The Central Bank on Monday, March 21, increased the Monetary Policy Rate from 14.5% to 17% to “check inflation.”

The Vice President, Dr. Mahamudu Bawumia is expected to address the country in April to touch on the current state of the economy.