Minister for Information, Kojo Oppong Nkrumah who disclosed this on Tuesday, at a Press Briefing in Accra said President Akufo-Addo has tasked the Minister for finance to put together a recovery program and submit same to the nation through Parliament after prior-approval of cabinet. The program is to outline how fiscal expansion can assist specific sectors of the economy to achieve a rebound.
“Despite the expected hits across all sectors, priority is to be maintained on the following; health, roads, education, food and agriculture, social protection, import substitution and industrial growth as well as security,” he added.
The outbreak of the novel coronavirus pandemic has impacted negatively the economy of most countries in the world. Ghana’s growth rate has been projected to decline from 6 percent to 1.5 percent as a result of the shortfalls of the coronavirus outbreak.
However, the government over the weekend held a cabinet retreat to examine data gathered on the impact of the novel coronavirus on all sectors of the country’s economy.
Mr. Nkrumah added that “the Finance Minister is to ensure that the macro fiscal slippages occasioned by the pandemic are reduced to the barest minimum. It has become obvious however that this year the deficit will exceed the 5% of GDP which we had previously sought to uphold.
“It is important to note however that this slippage is as a result of the massive cuts in national revenue due to the global economic slowdown and reduction in trade. Nonetheless the Minister for Finance is working to ensure it is contained to the barest minimum overrun”.
Source: Daily Mail GH