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Finance Minister, Ken Ofori- Atta has announced a 50 percent cut in fuel Coupon allocation to SOEs and all political appointees. These are part of short-term measures to cut down on expenditure which has been necessitated by the delay in the passage of the electronic Levy. In addition, discretionary spending has also been cut by an additional 10 percent while the purchase of foreign vehicles has been put on hold.

Addressing journalists in Accra today, the Finance Ministry said this is in line with the fiscal deficit target of 7.4 percent of GDP outlined in the 2022 budget. Starting April, a 30 percent cut in Minister’s salary will also take place. With immediate effect, there has been a complete moratorium on the purchase of imported vehicles for the rest of the year said Minister Ofori-Atta. This is going to affect all new orders, especially four-wheel-drives according to the Finance Minister.

More to come…