Panelists on GBC’s Current Affairs Programme, ‘Talking Point’, have underscored the need to bridge the shortfall between fallen revenues and high expenditure.
This is because the implications of Covid-19 on the economy are grave.
Analysing the fallout from the 2020 Mid–Year Budget Review presented by the Finance Minister, Ken Ofori Atta, Research Fellow at the Institute of Statistical, Social and Economic Research, ISSER, Dr. Andrew Adjei-Holmes said the double shock of Covid-19 is that because economic activities have slowed down resulting in less revenue.
The situation Dr. Adjei-Holmes noted is worsened by the fact that government has to spend on households and the various sectors of the economy. He said all of these will lead to a reduction in growth.
Chief Executive of the Association of Ghana Industries, AGI, Seth Twum-Akwaboah, described the current state of the Economy as abnormal, saying there has been a serious decline in inflation due to Covid-19.
He said businesses are spending more to produce and have had to lay off some workers. He said government will have to develop pragmatic strategies to keep the economy on track.
