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Business News of Tuesday, 31 March 2020


Coronavirus: Govt likely to present a new 2020 budget in July – Ofori-Atta hints

Finance Minister, Ken Ofori-Atta has hinted government might present a new budget for 2020 in July to curtail the shortfalls from the novel Coronavirus pandemic in Ghana.

According to the minister, the pandemic if not contained may move the country’s 2020 budget deficit to over 7 percent.

Speaking in an interview with Citi News, Ken Ofori Atta indicated with the 2020 budget being out of gear due to the Coronavirus outbreak, there’s a need to reassess government’s expenditure and realign events to meets its revenue targets.

“So fortunately, I think we’re beginning to build a consensus as to how to manage these revenue targets and shortfalls. We have to relook at all the fundamental assumptions of the budget and I did signal to Parliament that, come July, there would be a lot more information and analysis because what is the new normal and how do we address the thing that invariably is going to occur? You remember in the first budget we spoke about the preferential option for the poor, remove these taxes and let people do what they want and now we are just coming down to the bottom of the Maslow theory and we are saying keep body and soul together. At the same time make sure infrastructure is being managed.”, he revealed.

Meanwhile, Ken Ofori-Atta in his briefing in Parliament yesterday, March 30 on the effects of the global health crisis on Ghana’s economy stated that government has been able to secure the US$100million as part of funds to aid the fight against the novel coronavirus.