- Ghana's finance minister, Ken Ofori-Atta, has listed three sources from which the government would get resources to fight the coronavirus
- According to him, the government would fall on the International Monetary Fund (IMF), the World Bank and the Stabilization Fund
- He added that the petroleum, tourism and aviation industries have been negatively affected by the coronavirus and can therefore not help
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The Minister of Finance, Ken Ofori-Atta, has shed light on the plan the government has adopted to finance the fight to eliminate the coronavirus from Ghana.
According to him, the government could source funds from the International Monetary Fund (IMF), the World Bank and the Stabilization Fund.
These sources of funding, he went on, would help close the budgetary gap which is likely to be created by the fiscal impact of the coronavirus on Ghana’s economy.
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Ofori-Atta noted that it has become necessary to consider these sources as others such as the petroleum, tourism and aviation industries have been negatively affected by the coronavirus.
Citibusinessnews.com reports that Ofori-Atta added that the government would get Parliamentary approval to access funds to deal with the menace.
He further indicated that the government is looking forward to a $12 billion facility from the World Bank and a $10 billion package from the IMF.
The government has reached out to other strategic partners as well to help it secure funds to deal with the coronavirus.
Meanwhile, an international rating agency, Fitch, has predicted that Ghana’s growth rate is likely to fall from 6.5% to 6.2%.
The 0.3% fall in the growth rate has been attributed to the effects of the coronavirus on the economy. Fitch explained that it, therefore, expects the real Gross Domestic Product (GDP) to also expand by 6.2%.
Fitch analysed the impact of the coronavirus on sub-Saharan economies and concluded that Africa’s oil producers countries could record reduced growths and export earnings.
READ ALSO: Coronavirus: Bank of Ghana lists do's and don'ts for Ghanaians and financial institutions
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