- March 28, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
A former Deputy Finance Minister Kweku George Ricketts-Hagan has noted that the measures announced by the Finance Minister Mr Ken Ofori Atta to deal with the challenges are not enough.
“If you look at our debt and quite a number of the indicators, you will realize that the way our economy is structured is part of the problem.
“There is the other half of it which is to do with how we manage the economy. Over the last five years with the NPP government in office, when your fundamentals are not strong, you will be exposed,” the Cape Coast South Member of Parliament said on the Key Points with Dzifa Bampoh on Saturday March 26.
Mr Ofori-Atta announced on Thursday March 24 that with immediate effect, the government has imposed a complete moratorium on the purchase of imported vehicles for the rest of the year.
He said this will affect all new orders, especially 4-wheel drives.
“With immediate effect, 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 the overall effect is to reduce total vehicle purchases by the public sector by at least 50 percent for the period,” he said.
“Again, with immediate effect Government has imposed a moratorium on all foreign travels, except pre-approved critical/statutory travels; Government will conclude on-going measures to eliminate “ghost” workers from the Government payroll by end December 2022;
“Discretionary spending is to be further cut by an additional 10%. 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. these times call for very efficient use of energy resources.
“In line with this, there will be a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022,” he added.