Finance minister reveals coronavirus could cost Ghana GHC11 billion

Finance minister reveals coronavirus could cost Ghana GHC11 billion

- The finance minister, Ken Ofori-Atta, has stated that the coronavirus could cost Ghana about GHC11 billion

- He added that the virus could adversely affect Ghana's economy if urgent measures are not taken to stop it

- Ofori-Atta also said the outbreak has led to a fall in volume and value of trade with other countries

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The minister of finance, Ken Ofori-Atta, has revealed that Ghana is likely to lose GHC11 billion due to the outbreak of the coronavirus.

He added that there is a likelihood of a serious effect on the economy if urgent measures are not taken.

Ofori-Atta indicated that the spread of the virus has led to a fall in trade volumes and values.

READ ALSO: Akufo-Addo predicts fall in growth rate from 7% to 2.5% if COVID-19 continues

He added that the reduction in imports would lead to a slowdown of production in the country.

A Ghanaweb report shows that he indicated a slowdown in the Gross Domestic Product (GDP) growth for Ghana’s petroleum revenues and other tax revenues as a result of the outbreak.

He went ahead to state that there is a likelihood of a general shortage in food supply if the pandemic intensifies. understands that Parliament received a request from the government on Saturday, March 28, 2020, to approve an agreement with the World Bank.

The agreement, which is a proposed agreement is between the Government of Ghana and the International Development Association (IDA), a subsidiary of the World Bank, was in relation to an amount of US$35 million to support its operations in dealing with the pandemic.

Meanwhile, the International Monetary Fund (IMF) has announced a $500 million concessionary emergency fund for Ghana to help it deal with the outbreak of the coronavirus and its effect on the economy.

According to the IMF Resident Representative in Ghana, Dr. Albert Touna-Mama, no interest would be charged on the fund and a moratorium and repayment will start after five-and-a-half years.

He added that there is an ongoing process to evaluate Ghana’s request for financial support but a general guide makes provision for about $500 million for the country.

READ ALSO: Ken Ofori-Atta names World Bank and IMF as possible sources of funding for COVID-19 fight

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