Audio By Carbonatix
Government is turning to the International Monetary Fund (IMF) and World Bank to raise money to shore up the economy following coronavirus spread.
Finance Minister, Ken Ofori-Atta, told Parliament on Tuesday that preliminary analysis undertaken by his ministry has shown the coronavirus will cause a funding gap in the economy.
He, however, could not provide a figure for this anticipated gap.
Ghana has recorded seven cases of the virus and this has led to the closure of schools and a ban on public gatherings.
All international conferences and events that will increase social interaction have also been banned.
The Finance Minister also said the spread of the virus will negatively impact Ghana’s petroleum receipts due to the collapse of international crude oil prices, custom receipts, expenditures on health, and financing conditions on the fiscal front.
It will also affect tourism, travel, conferences, foreign direct investment, international trade, food and nutrition and poverty reduction, he said.
The Finance Minister, however, said some measures are being put in place to close a possible financing gap in the 2020 budget that could result from the economic impact of the coronavirus.
These may include withdrawal from the Ghana Stabilization Fund, tapping into a $12 billion World Bank Group fast track coronavirus facility, and tapping into a $10 billion IMF facility to address the coronavirus through Rapid Credit Facility.
“We are also discussing with other multilateral and bilateral partners on potential assistance to close the financing gap,” he added.
Latest Stories
-
June 29 floods exposed weaknesses in Ghana’s environmental sanitation system – Ayariga
5 minutes -
Local Gov’t Minister announces plans to regenerate Agbogbloshie enclave
10 minutes -
LA 2028: Black Queens performance watch ahead of Mauritius clash
11 minutes -
Gov’t transfers GH¢9.1bn DACF to MMDAs under Mahama — Mahama Ayariga
11 minutes -
From tools to strategy: How Ghanaian MSMEs can harness AI for scale
13 minutes -
GCB MD engages customers in live social media ‘Ask Me Anything’ session
16 minutes -
Football clubs ‘are in love’ with Kurt Okraku – Aduana FC boss
16 minutes -
397 CHPS compounds, 502 classroom blocks completed under DACF projects – Mahama Ayariga
16 minutes -
SavannaFest Tournament: Coach appeals to MTN to invite scouts in future tournaments
18 minutes -
John Boadu pledges unity, reconciliation as he takes over as NPP National Chairman
20 minutes -
‘Whatever the personal cost, I will not abandon my duty’ – Baffour Awuah assures Salomey Bafoh
22 minutes -
Government to increase funding for Houses of Chiefs to speed up dispute resolution
23 minutes -
Mahama Ayariga outlines plans to transform sanitation system in Greater Accra
24 minutes -
Govt’ to introduce digital property rate system to boost MMDAs’ revenue – Mahama Ayariga
25 minutes -
Traditional Medicine Practice Council closes three unlicensed spa and massage centres in Ashanti Region
28 minutes