Liberia’s newly sworn-in president, George Weah, has pledged to cut his salary by a quarter during a nationwide address in which he warned of tough times ahead for a “broke” country.

“The state of the economy that my administration inherited leaves a lot to do and to be decided,” the former international soccer star said on Monday.

Weah said during an address apparently aimed at managing expectations following his election victory at the end of last year to replace Ellen Johnson Sirleaf.

“Our economy is broken; our government is broke. Our currency is in free fall; inflation is rising,” Weah continued. “Unemployment is at an unprecedented high and our foreign reserves are at an all-time low.”

Weah had promised a crackdown on endemic corruption as he was sworn in a week ago to the cheers of thousands of exuberant supporters crammed into a stadium in the capital, Monrovia.

The announcement of a pay cut for himself is likely go down well on a continent long used to officials in high office awarding themselves extravagant pay rises and perks.