The Finance Minister, Ken Ofori Atta is expected to address Parliament later today [Monday, March 30, 2020] on the economic impact of the coronavirus pandemic on the country.
Two weeks ago, he presented a fiscal impact analysis to the House and outlined various sectors of the economy expected to take a hit from the pandemic.
Today’s address is expected to touch on the Coronavirus Alleviation Programme announced by President Akufo-Addo and details of external support government expects to help tackle the outbreak of the virus.
President Nana Akufo-Addo earlier instructed Mr. Ofori-Atta to conduct an economic impact assessment of potential lockdown measures on the country, according to the Information Minister, Kojo Oppong Nkrumah.
“The President has instructed the Minister responsible for Finance to build the economic impact assessment which he did about two or three weeks ago and even presented parts of it to Parliament,” Mr. Oppong Nkrumah said to the press on Wednesday afternoon.
“But he has also instructed him to work out the implications of any further measures on the economy and how to put in place economic measures, what people call a stimulus programme to ensure that these measures do not adversely hurt the economy.”
The Information Minister added that “all things being equal, once he is done, he [the Finance Minister] will brief the nation through Parliament on the economic measures being used there.”
Money to fight COVID-19
President Akufo-Addo, while delivering an address to the nation on Wednesday, 11th March, 2020, noted that he had directed the Minister for Finance, Ken Ofori-Atta, to make available the cedi equivalent of US$100 million to enhance Ghana’s Coronavirus preparedness and response plan.
This amount, according to President Akufo-Addo, “is to fund expansion of infrastructure, purchase of materials and equipment, and public education.”
Ghana has also turned to the International Monetary Fund for financial support to combat the novel coronavirus pandemic.
Ghana has turned to the International Monetary Fund for financial support to combat the novel coronavirus pandemic.