- The minister of finance, Ken Ofori-Atta, has stated that Ghana's Gross Domestic Product (GDP) is likely to fall by 1.5%
- This is lower than an earlier projection of 2.5% by the Bank of Ghana
- According to Bloomberg, Ghana’s economic growth forecast is the lowest in 37 years due to a fall oil prices and the impact of the coronavirus
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The government has predicted a 1.5% fall in the growth of Gross Domestic Product (GDP) due to the partial lockdown.
The minister of finance, Ken Ofori-Atta, speaking in Parliament, indicated that the current project is a reduction from the initial 6.8% projected for 2020.
According to Ofori-Atta, the spread of the coronavirus and the subsequent lockdown has led to a slowdown in economic activities in various sectors of the economy.
READ ALSO: Finance minister Ken Ofori-Atta predicts Ghana could lose GHC11 billion due to coronavirus
Per a myjoyonline.com report, he added that as the effects of the outbreak unfold, the projected growth is expected to further worsen in the event of a full lockdown.
The current prediction is lower than the 2.5% rate projected by the Bank of Ghana, which it described as the worst-case scenario.
Bloomberg reports that the fall in Ghana’s economic growth forecast is the lowest in 37 years as a result of the collapse of oil prices and the impact of the coronavirus.
Meanwhile, President Akufo-Addo has revealed that the effect of the coronavirus could lead to a fall in Ghana’s growth rate from 7% to 2.5%.
This, he said, would become possible if the current situation continues till the end of the year.
He, however, gave Ghanaians the assurance that efforts would be made to ensure that the economy would be stabilised to protect the interest of the nation.
The Bank of Ghana has predicted the country could experience its worst GDP growth rate ever if the coronavirus continues to linger for the rest of 2020.
READ ALSO: IMF sets $500 million aside for Ghana to fight coronavirus; no interest charged
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