By scaling down the 68th Independence Anniversary celebration, Ghana aims to reduce its expenditure, which would have been around GHS20 million.
This decision demonstrates the government’s commitment to fiscal responsibility and efficient use of resources amidst the country’s economic challenges.
The reduced spending will help alleviate some of the economic burdens, such as:
High inflation
Ghana has witnessed historic highs in global inflation and food prices, which have negatively impacted the domestic economy.
Elevated debt burden
The country is facing significant fiscal stress, constrained domestic and external financing, and reduced GDP growth.
Depreciation of the currency
The cedi has depreciated, leading to a decline in gross international reserves.
By cutting back on non-essential expenses, the government can redirect resources to more pressing areas, such as:
Economic recovery
Investing in initiatives that stimulate economic growth and development.
Social welfare
Allocating funds to support vulnerable populations and essential public services.
Overall, the decision to scale down the Independence Anniversary celebration reflects the government’s efforts to prioritize prudent financial management and allocate resources more efficiently.
