Finance Minister, Ken Ofori Atta, has disclosed that Ghana’s economy will lose GH¢11 billion due to the outbreak of the novel coronavirus pandemic.
According to him, the outbreak of the pandemic will have a devastating impact on Ghana’s economy if not contained.
“Trade volumes and values are reducing as a result of the pandemic and reduction in imports will slow down production in Ghana. Gross Domestic Product (GDP) growth for Ghana’s petroleum revenues and other tax revenues are to slow down due to the outbreak of the virus,” he stressed.
Finance Minister, Ken Ofori-Atta said this today, March 30 while briefing Parliament House following measures government has adopted to sustain the economy due to the disruption caused by the virus outbreak, adding that, there will be a general shortage in food supply if pandemic intensifies.
Parliament received a request from the government on Saturday, March 28 to approve an agreement with the World Bank for an amount of US$35 million to support its operations in dealing with the pandemic.
The proposed agreement is between the Government of Ghana and the International Development Association (IDA), a subsidiary of the World Bank.
President Nana Addo Dankwa Akufo-Addo last Friday directed the Finance Minister to prepare a coronavirus alleviation programme to address the disruption in economic activities following the scourge of the COVID-19 pandemic for approval by parliament.
The Finance Minister is required to make a minimum of GH¢1 billion available to households and businesses, particularly small and medium scale enterprises.
