- Ken Ofori-Atta, the Finance Minister, has shed light on the various strategies to be adopted to fund the government's CARES programme
- He stated that the government would consider the use of Foreign Direct Investments (FDIs) and Private-Public Partnerships (PPPs)
- Ofori-Atta added that each transaction would be carefully considered to determine whether tax waivers are necessary
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The Minister of Finance, Ken Ofori-Atta, has disclosed plans by the government to source funds for the CARES programme through strategic means.
The Coronavirus Alleviation Revitalization of Enterprises Support (CARES) is an initiative by the government to restore the economy which has been severely affected by the coronavirus.
Ofori-Atta explained that the government would consider Foreign Direct Investments (FDIs) and Private-Public Partnerships (PPPs).
A citibusinessnews.com report quotes the minister as saying that each transaction would be carefully considered to determine whether there would be the need to introduce tax waivers or other interventions.
He added that a policy would soon be introduced to ensure local sources of funds are exhausted before foreign ones are considered.
Ofori-Atta further stated that the government, at a cabinet meeting, concluded that all construction-related projects would be handled by local contractors.
He reiterated that Ghana is currently facing a revenue shortfall of GHc13.6 billion and unexpected but necessary expenditures of GHc11.7 billion.
These, he noted, were the effects of the outbreak of the coronavirus as well as a global economic recession.
In related news, Ken Ofori-Atta has predicted that the year 2020 and beyond will be filled with economic challenges for Ghana.
According to him, this is mainly due to the impact of the outbreak of the coronavirus on the economy and livelihoods of Ghanaians.
In his view, the coronavirus has negatively affected businesses and livelihoods all over the world and Ghana is no exception.
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