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Presidency budget has ballooned from ¢700m to ¢3.1bn in 6 years – Mahama

Former President John Mahama has lamented the Office of the President’s budget’s excessive growth over the past six years.

According to Mr. Mahama, the budget for the Presidency has grown dramatically over the last six years, from 700 million to 3.1 billion.

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He claims that this is not feasible, particularly given the nation’s current economic situation.

According to Mahama, the presidency’s budget has increased dramatically over the past six years, going from 700 million to $3.1 billion.

As a result, he has urged the government to cut the budget by at least $1 billion.

He insisted that is the first place for expenditure rationalization to start in a tweet on Tuesday, November 8.

 

“Over the last six years, the budget for the Office of the President has grown dramatically, from 700 million to 3.1 billion in 2022.

“The President’s office must be the first place expenditure rationalization takes place for it to be effective.

“Cutting the budget in half will result in significant savings of $1 billion.”

In recent months, the cost of fuel, products, and services has sharply increased, pushing numerous homes into poverty.

International rating agencies have lowered Ghana’s GDP in order to reflect the nation’s failure to address its liquidity and debt issues.

Ghana has now appealed to the International Monetary Fund (IMF) for a $3 billion bailout due to its restricted access to international financial markets and difficulties in mobilizing domestic revenue to remedy the situation.

On Sunday, October 30, President Akufo-Addo spoke to the public about steps his administration was taking to stop the present economic crisis, dropping hints that the government would reach an agreement with the IMF by the end of the year.

He predicts that a deal will be reached by December allowing the nation to receive the necessary bailout.

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