President Akufo-Addo has outlined strategic decisions that his government has taken to resuscitate the country’s ailing economy.

Addressing the nation on the state of the economy on Sunday, the President noted that in the just ended Cabinet retreat at Peduase Lodge, his administration agreed to maintain the 30 per cent salary cut of all government appointees.

“We have decided also to continue with the policy of a 30% cut in the salaries of political office holders including the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and SOE appointees in 2023, just as we will continue with the 30% cut in discretionary expenditures of Ministries, Departments and Agencies.”

He further noted that to restore and sustain debt sustainability, government is seeking to reduce the total public debt to GDP ratio to 55% in present value terms by 2028.

“With the servicing of our external debt pegged at not more than 18% of our annual revenue also by 2028,” he stated.

He also stressed the importance of revenue generation in building the economy.

According to President Akufo-Addo, government is committed to improving the revenue collection effort, from the current tax-revenue to GDP ratio of 13% to between 18-20%.

“The GRA is rolling out an extensive set of measures to support this enhanced revenue mobilisation. All of us must do our patriotic duty, and support the GRA in this exercise,” he intimated.

Touching on alleviating poverty in the country, President Akufo-Addo said, “we are aiming to restore and sustain macroeconomic stability within the next three to six years, with a focus on ensuring debt sustainability to promote durable and inclusive growth

He noted that the above decisions which form part of the post-Covid-19 Programme and the IMF support are being worked on by the Ministry of Finance in preparation for the 2023 budget.