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Gov’t needs GHS9.5bn to cushion economy against Coronavirus-Finance Minister

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The novel coronavirus pandemic is estimated to cost the country nine point five billion Ghana cedis, representing two point five percent of Ghana’s revised GDP. The effect of the virus on the economy is expected to worsen because Ghana just began a two-week partial lockdown of Accra, Tema, Kumasi and Kasoa.

This was disclosed by the Minister of Finance, Ken Ofori Atta when he appeared before Parliament to present an economic assessment of the impact of the virus. He was also in the house to seek approval for extra spending to curb the spread of the virus and to mitigate its impact on the people. Mr.Ofori Atta said the fiscal impact is as a result of shortfalls in petroleum revenue, import duty and other tax revenues.

Mr.Ofori-Atta also announced that one billion Ghana cedis Coronavirus Alleviation Programme will be funded from the Ghana Stabilisation Fund.

The Minister is also seeking the support of Parliament to amend the relevant laws to lower the cap of the Stabilisation Fund from 300 million dollars to 100 million dollars to enable the government to scoop the excess funds to bridge the gap created by the economic impact of the pandemic.

Mr.Ofori Atta announced that the equivalent of the 100 million dollars announced by the President to help with Ghana’s handling of the virus is ready.

He also reiterated the government’s commitment in fighting the virus and mitigating its impact on businesses and the economy at large.

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