Liberia’s newly sworn-in president, George Weah, is taking a 25% pay cut to his salary and benefits. He explained in a statewide address on Monday that, “in view of the very rapidly deteriorating situation of the economy, I am informing you today, with immediate effect, that I will reduce my salary and benefits by 25%”.
He is diverting the funds from his salary to a development fund.
“Our economy is broken; our government is broke. Our currency is in free fall; inflation is rising,” Weah said. “Unemployment is at an unprecedented high and our foreign reserves are at an all-time low,” Weah continued.
The President of Liberia earns about $100,000 yearly, meaning Weah will relinquish about $25,000. But Weah is not the first African president to take an axe to his pockets in the name of public service.
Source link : https://www.africa.com/5-african-presidents-slashed-salaries-good-people/
Author : Face 2 Face Africa
Publish date : 2018-03-13 04:00:45