With immediate effect, President Akufo-Addo has issued a decree prohibiting the purchase of foreign automobiles, as part of his efforts to preserve the economy.
Mr. Ken Ofori-Atta, the Minister of Finance, who made the announcement on Thursday said that the measure would assist in reducing the government’s dependency on the importation of automobiles by 50%.
His statement reads in part: “Discretionary expenditure will be reduced by an extra ten percent.”
The Ministry of Finance is currently meeting with Ministries and Departments of Administration to review their spending plans for the remainder of the three-quarter fiscal year in order to achieve the discretionary expenditure reductions; “these times necessitate the most efficient use of energy resources.”
As a result, he explained, “Effective April 1, 2022, all political appointees and heads of government institutions, including SOEs, will have their fuel coupon allocations reduced by half, and with immediate effect, the government has placed a complete moratorium on the purchase of imported vehicles for the remainder of the fiscal year.”
“This will have an impact on all new orders, particularly 4-wheel drives,” he said. We will work to guarantee that the overall result is a reduction in total vehicle purchases by the public sector of at least 50% throughout the duration of the program.”