Ghana: Energy Sector CEOs, MDs, Others To Suffer 30% Pay Cut For Nine Months

Energy sector Managing Directors and Chief Executives Officers of state-owned institutions will from April 1, 2022, to December 2022 have their monthly salaries slashed by 30 per cent.

This is part of a raft of measures being introduced by President Akufo-Addo’s administration to address the economic challenges faced by the debt-ridden West African nation.

Ghana’s nominal debt to GDP, as of the end of November 2021 stood at 78.4 per cent.

Food prices and the cost of fuel have been going up with many low-income earners lamenting over the situation.

Amidst the economic challenges, there have been calls for the Ghana Government to go to the International Monetary Fund for a bailout, but the President of Ghana, Nana Akufo-Addo says that option would not be explored.

Addressing a press conference Thursday, Ghana’s Finance Minister Ken Ofori Atta said: “Cabinet approved that Ministers and the Heads of SOEs are to contribute 30 per cent of their salaries from April to December 2022 to the Consolidated Fund.”

This would affect the CEOs of the Ghana National Petroleum Corporation (GNPC), Ghana National Gas Company, National Petroleum Authority (NPA), Petroleum Commission, Bui Power Authority (BPA), Volta River Authority (VRA), Petroleum Hub Development Corporation (PHDC), Ghana Grid Company (GRIDCo), GOIL Company Limited, Volta Aluminum Company and MDs of Electricity Company of Ghana, Bulk Oil Storage and Transportation Company (BOST), Tema Oil Refinery (TOR), Ghana Cylinder Manufacturing Company Limited, Northern Electricity Distribution Company (NEDCo), Energy Commission and Public Utilities Regulatory Commission (PURC).

Source: https://energynewsafrica.com