COVID-19 could cause Ghana’s growth rate to fall from 6% to 1.5% - Kojo Oppong Nkrumah
- The Information Minister, Kojo Oppong Nkrumah, has opened up about the possibility of a fall of Ghana's growth rate
- He indicated that it is likely to fall from 6% to 1.5% and the deficit budget could also exceed 5% of the Gross Domestic Product
- Oppong Nkrumah revealed that Finance Minister Ofori-Atta, has been tasked to develop a Resilience and Recovery Programme
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The Minister of Information, Kojo Oppong Nkrumah, has stated that there is a likelihood of a fall in Ghana’s growth rate from 6% to 1.5%
According to him, the country’s deficit budget is also expected to exceed 5% of the Gross Domestic Product (GDP).
He further noted that there is also the possibility that Ghana would be impacted in its macro-fiscal position due to the pandemic.
READ ALSO: Ghana's economy grew by 6.5% in 2019 - GSS
Per a report by Ghana Web, he went on to say the Finance Minister, Ken Ofori-Atta, has been tasked to develop a Resilience and Recovery Programme.
The programme, he went on, would help minimize the economic effects of the outbreak of the coronavirus.
The programme, he said, will outline how fiscal expansion measures can assist specific sectors of the Ghanaian economy to achieve a growth rebound.
He added that Ofori-Atta is also expected to present and submit the programme to Parliament and the nation after approval by cabinet.
Oppong Nkrumah further stated that there are massive cuts to Ghana’s revenue streams as a result of the global economic slowdown.
YEN.com.gh earlier reported that 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%.
READ ALSO: Ghana's economy will contract by 1% in 2020 - EIU
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Source: YEN.com.gh
