Economic crisis: MPs should consider 10-15% pay cut - Kyei-Mensah-Bonsu

Members of Parliament have been urged to consider taking a pay cut in order to show solidarity with ordinary Ghanaians in these times of economic hardships.

The proposal was put forward b Majority Leader, Osei Kyei-Mensah-Bonsu on Tuesday, December 6, 2022 during his final submissions on the 2023 Budget Statement and Economic Policy of Government debate in Parliament.

The Leader who is also MP for Suame said times were indeed hard but as representatives of the people, it would be a good exercise to take a cue from the Executive arm of government that is currently taking a 30% pay cut since early this year.

“Mr. Speaker, perhaps as Members of Parliament, just as the Executive has done, maybe we could also, even though these are difficult period for all of us…

“We could also utilize the opportunity and also show some example by sacrificing anything between 10 and 15% of our salaries to demonstrate to fellow Ghanaians that we are with them in these difficult moments,” he suggested.

He also proposed that with the funds, Parliament could use the youth to build toilets at designated points monthly.

He also proposed that government reviews flagship projects in order to get achieve greater value for money and also that salary adjustments be made in respect of State Owned Enterprises (SOEs) in order to realign their earnings to the Single Spine Salary structure.

Ghana is currently facing economic headwinds with a domestic debt programme facing opposition from stakeholders - largely from institutional bondholders.

Government is hoping to close a deal on debt restructuring at home in order to be able to access an International Monetary Fund (IMF) facility to support the failing economy.

Minister of Finance Ken Ofori-Atta on December 6 announced that government was restructuring bonds held by institutional investors, putting them into four groups stretching 15 years. With interest also spread in four tranches in four years.

The Domestic Debt Exchange programme as it is called has faced some stiff opposition from major professional groups and workers union in the country.

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