The National Communications Officer of the National Democratic Congress (NDC) Sammy Gyamfi has cast doubts on the sincerity in the decision by President Nana Addo Dankwa Akufo-Addo to cut salaries of government appointees by up to 30 per cent.
Sammy Gyamfi speaking in an interview on TV3 with Walker said.
“Now we have lost access to the capital market, we cannot go to the capital market to issue Eurobonds, people are running away from our bonds because we have been downgraded by Fitch and Moodys’ to B- and Caa1, nobody has confidence in our economy. We are at high risk of defaulting and so where are you going to get the money from?
“At the end of the day, they may end up announcing expenditure cuts but what they will be in reality and in truth will be allocation cuts because you are not getting the money in the first place so what are you cutting?
“So you will be cutting allocations on paper not the expenditure . Expenditure at the end of of the 2022 fiscal year is even likely to to be ore than the 137 billion they have projected.
