• About Us
  • Contact Us
  • Disclaimer
  • Terms of Use
  • Privacy Policy
  • Live Radio
  • Live TV
Tuesday, January 19, 2021
WoBeti.com
  • Home
  • News Hub
    • Local News
    • International
    • Technology
  • Education
  • Showbiz
  • Sports
  • Lifestyle
  • Gossip
  • Opinions
  • COVID-19
No Result
View All Result
WoBeti.com
  • Home
  • News Hub
    • Local News
    • International
    • Technology
  • Education
  • Showbiz
  • Sports
  • Lifestyle
  • Gossip
  • Opinions
  • COVID-19
No Result
View All Result
WoBeti.com
No Result
View All Result
Home News Hub Local News

Ghana’s Economy Couldn’t Withstand Partial Lockdown Beyond Three Weeks – Ofori-Atta

Burn Keita by Burn Keita
May 13, 2020
in Local News
Ghana’s Economy Couldn’t Withstand Partial Lockdown Beyond Three Weeks – Ofori-Atta
ShareShareShareShareShare

Finance Minister Ken Ofori-Atta has admitted that it was impossible for the government to have continued the partial lockdown imposed on Accra, Tema, Kasoa, and Kumasi beyond the three weeks announced by President Akufo -Addo.

According to him, the Ghanaian economy, which is largely informal, could not sustain that decision beyond the three-weeks.

President Akufo-Addo on March 27th announced a partial lockdown as part of measures to curb the spread of the coronavirus pandemic in Ghana but lifted it after 3-weeks.

Speaking at an event at the Jubilee House, the Finance Minister said it was necessary to lift the lockdown.

“When you look at what happened during the lockdown. It was quite clear after a point that given the 90% of our population is informal and they go out each day to earn wages, it became increasingly impossible to continue with such a policy,” he said.

READ ALSO:  Breaking: Kasoa Polls Turns Gunshots

The Coronavirus (COVID-19) pandemic has had a significant adverse impact on the global economy.

 

In Ghana, though the government is implementing various fiscal and monetary measures to mitigate the adverse effect and provide relief for businesses and households, the outbreak has brought three years of economic growth of 6% or more to a sudden halt, with the Ministry of Finance anticipating that growth could slow to 1.5%, the least in 37 years.

Already, President Akufo-Addo has stated that the effect of the COVID-19 pandemic could affect Ghana’s growth rate from 7 percent on average to 2.5 percent if the situation persists until the end of 2020.

The Finance Minister, also stated that Ghana will record a significant drop in revenue target for 2020 due to the COVID-19 pandemic because the country is recording a huge decline in revenue from the port, petroleum revenue receipts as well as tax revenue.

READ ALSO:  Live Streaming: President Akufo Addo Address The Nation

He, however, indicated that the cumulative effect of the novel coronavirus pandemic will cost Ghana GHS9.505 billion.

Mitigating Measures

Meanwhile, Government has implemented some measures to mitigate the impact of COVID-19 on the economy.

These include the establishment of a Coronavirus Alleviation Programme (CAP) to facilitate economic recovery.

Lowering of the cap on Ghana Stabilization Fund (GSF) from the current US$300 million to US$100 million to allow for the transfer of excess funds to the CAP

Reduction in the policy rate by 150 basis points to 14% and drop in regulatory reserve requirement from 10% to 8% to increase the supply of credit to the private sector.

READ ALSO:  GES Directs School Heads To Suspend Public Gatherings Over Coronavirus Scare

Commercial banks are also providing a syndicated facility of GHS3 billion to support key industries; to grant a six-month moratorium on principal repayments for selected businesses, and to reduce interest rates by 200 basis points, also to increase credit supply to the private sector

It has also has put in place a GHS600 million soft loan scheme with a two-year repayment plan for micro, small and medium scale businesses and taking care of water bills for all Ghanaians for April, May and June 2020.

There’s also a relief for electricity consumers, where all lifeline consumers will get a one hundred percent waiver for three months; while other consumers will get a fifty percent reduction.

Currently, Ghana’s COVID-19 cases have increased to 5,127 with 494 recoveries and 22 deaths.

Highly Related

Source: citinewsroom.com
Share13TweetSendShareSend
Previous Post

E/R: Police Training School Reopens

Next Post

COVID-19: Mosques And Churches Reopens

Related Posts

TEWU Suspends Strike After Meeting With Government

TEWU Suspends Strike After Meeting With Government

January 19, 2021
MTN To Compensate Customers Affected In Internet Blackout

Merchants To Demand Ids For MTN Momo Transactions From February 1

January 16, 2021
Lifeline Consumers To Continue Getting Free Electricity, Free Water Till March

ECG Issues Guidelines For Implementation Of Extended Free Electricity For Lifeline Customers

January 6, 2021
KTU: How To Log Into SIP And Register Semester Courses Successfully

Tertiary Institutions To Reopen On January 9 – Akufo-Addo

January 3, 2021

Nana Addo Announces End Of Double-Track System For SHS First, Third Years

January 3, 2021
Lifeline Consumers To Continue Getting Free Electricity, Free Water Till March

Lifeline Consumers To Continue Getting Free Electricity, Free Water Till March

January 3, 2021
Next Post
Churches Ready To Resume Activities As They Offer Safety Protocols On COVID-19

COVID-19: Mosques And Churches Reopens

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Ghana To Decide On COVID-19 Vaccines Soon

Ghana,Time For closing For Schools Finally Out .Latest Update

President Buhari’s Life In Danger As People Plot To Assassinate Him

Ghana’s National Security Coordinator, Joshua Kyeremeh Is Dead

Two Cemetery Guards Arrested For Stealing Heads Of Corpses

TEWU Suspends Strike After Meeting With Government

We Want Concrete Commitment From Government Before Ending Strike – KNUST TEWU

Avoid Taking These If You Are Blood Type O

Kwame A-Plus Takes Bulldog’s Place On United Showbiz— UTV Allegedly Terminates Bulldog’s Contract Following His Threat To Nana Addo

Today In History: How Nigeria Ordered 1 Million Ghanaians Out Of Their Country In 1983; And How This Led To The Fame Of The ‘Ghana Must Go Bag

Load More
WoBeti.com

Wobeti.com is an Online News, entertainment news and celebrity gossip blog. To contact us, send an email to info@wobeti.com or wobetinewsblog@gmail.com

WoBeti.com

  • About Us
  • Advertise with us
  • Contact Us
  • Disclaimer
  • Send Us You Articles
  • Terms of Use
  • Write For Us

Archives

  • COVID-19 Updates
  • Live Radio
  • Live TV
  • Advertise with us
  • Send Us You Articles
  • Write For Us

© 2020 | All Rights Reserved WoBeti.com

No Result
View All Result
  • Home
  • News Hub
    • Local News
    • International
    • Technology
  • Education
  • Showbiz
  • Sports
  • Lifestyle
  • Gossip
  • Opinions
  • COVID-19

© 2020 | All Rights Reserved WoBeti.com

× Need Updates?