Ghana to lose over GHC15 billion in revenue due to COVID-19 - Report
- The Ministry of Finance has predicted that Ghana could lose over GHC15 billion in 2020 due to COVID-19
- It added that Ghana has targeted about GHC67 billion in revenue (tax and non-tax) for 2020
- The ministry also stated that Ghana’s fiscal gap is estimated to be about GHC21.42 billion in 2020
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The Ministry of Finance has indicated that Ghana is likely to lose about GHC15.85 billion in revenue in the year 2020.
This, the ministry explained, is due to the economic impact of the coronavirus.
Information available shows that Ghana has targeted about GHC67 billion in revenue (tax and non-tax) for 2020.
READ ALSO: Customers of banks enjoy over GHC1.5 billion relief
Per a report by classfmonline.com, Ghana’s fiscal gap is estimated to be about GHC21.42 billion as a result of COVID-19.
This is likely to be composed of Revenue Shortfall Impact of GHC15.85 billion and COVID-19 related expenses of GHC5.57 billion.
The government consequently called on Parliament to grant access to emergency funding of GHC10 billion from the Bank of Ghana (BoG).
This was done in line with provisions in Section 30 of the Bank of Ghana Act, 2002 (Act 612), as amended.
YEN.com.gh understands that revenue shortfalls emanate mainly from petroleum revenue shortfalls through plunging crude oil prices; shortfalls in import duties and other taxes; and shortfalls in non-tax revenues, significantly affecting the cash flows for the year and at the same time posing a threat to containing the pandemic.
YEN.com.gh earlier reported that the Minister of Finance, Ken Ofori-Atta, has informed the House of Parliament that the government has received GHC5.5 billion from the Bank of Ghana (BoG).
The amount represents the first tranche of relief agreed with the Central Bank with regard to the fight against COVID-19.
Information available shows that it was released on Friday, May 15, 2020.
READ ALSO: COVID-19: Gov't introduces the "Ghana Cares Programme" to save the economy
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Source: YEN.com.gh
