‘98% Increment in The Wage Bill is also a Contributing Factor to The Economic Crisis’ – Hon Mustapha Musa Sellu
Hon Mustapha Musa Sellu in an interview with 98.1 said a 98% increment in the wage bill is also a contributing factor to the financial crisis in the country.
Hon Musa made the statement whilst comparing the Economic Status of the country during the APC to that of the ruling SLPP.
He said The APC we’re responsible enough to declare Austerity in 2017 to give a positive response to the economy, adding that the SLPP should have done the same as the micro Indicators are far worst now than it was during the time the APC declared Austerity
Hon Musa states that the APC declared Austerity because they were responsive to the economic situation by cutting down on their expenditure
He further that in 2017 when the Apc declare austerity is when the country’s growth rate reaches -20.5 % and the inflation rate was 8.3%. The honourable add that now that the ruling SLPP don’t want to be clear about austerity the inflation rate is at an all-time high of 29.4% something he said has never happened in the history of the country.
Hon Musa also disclosed that the exchange rate is very bad because the demand for the dollar is very high, he said to reduce the demand for the dollar the government should cut down on their travels as it is with more that makes the demand for the dollar very high
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The honourable member also disclosed that in the 10 years of the APC rule only 4,512 old leones were added to the exchange rate, but in just 4 years of the SLPP have added 9,131 old leones to the exchange rate, as they meet the dollar at 7,541 old leones and increased it in 4years to 16,672 old leones.
Hon Musa said the ruling government should be judicious in handling the problem adding that the government should spend judiciously and state that one main area is to reduce the unnecessary spending on the wage bill.
He said during the APC the office of the president was receiving 59.8 billion as a wage bill, but now the ruling government has increased it to 101.8 Billion adding also the office of the chief minister which is the same as the office of the chief of staff was receiving 22 billion in wage bill with about 5 other MDA’s under the office, he said when the SLPP came to power they remove the sub-MDAs that was under the office of the chief of staff but still maintain the same wage bill.
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This is said to be about a 98% increment in the wage bill and is one of the factors affecting the economy