The President John Dramani Mahama, his Vice President Paa Kwesi Amissah-Arthur, Ministers of State and all appointees will from 2014 take a voluntary 10 percent pay cut on their salaries to help save Ghana's ailing economy.

This move was made known by the Minister for Finance and Economic Planning Hon. Seth Terkper during the delivery of the 2014 Budget and Economic Policy to Parliament.

Hon. Seth Terkper said the move is to demonstrate leadership and several efforts being put in place to solve the ballooning wage bill of public sector workers due to the implementation of the Single Spine Salary Structure.

He said the “ Single Spine Salary Structure is imposing severe strain on the economy but government, employers and organized labour are continuing negotiations on how to solve it.

“We believe we are of one mind and therefore we are determined that the public sector wages will not put a strain on budget…to demonstrate leadership, the president, his Vice, appointees and ministers of State have decided to take a voluntary 10% pay cut in 2014”.

Hon. Terkper added that “the amount to be deducted will be channeled into maternal health”.

The 2014 budget which has been tagged as a ‘transformational budget’ by the Finance Minister contains highlights on policies that will create jobs and expand the economy.