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Business News of Monday, 30 March 2020

Source: www.ghanaweb.com

Ghana secures US$100m to fight coronavirus – Ofori-Atta


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Ghana has been able to secure US$100 million as part of funds to aid the fight against the novel Coronavirus pandemic, according to Finance Minister, Ken Ofori-Atta.

The announcement follows an earlier directive by President Nana Addo Dankwa Akufo-Addo to the Finance Minister to make available the cedi equivalent of US$100 million to curb the coronavirus outbreak.

“I wish to assure that money has been secured and is available to be disbursed in accordance with public financial management procedure.”

The Finance Minister announced this in his Monday briefing in Parliament, on the effects of the global health crisis on Ghana’s economy adding that, his ministry has secured the funding and leveraging to curtail the spread of the virus.

“Government has not stopped spending in the fight against the Coronavirus even though the Coronavirus pandemic will result in significant shortfalls in petroleum receipts, import taxes and the general health conditions of the country,” Ofori-Atta said.

He added that there’s been an increase in demand for dollars which could impact negatively on foreign reserves.

“However, the increase in demand for gold will likely impact positively on the balance for payments on the Ghanaian economy. We’re observing reduced imports which has a favourable impact on volatility which has an impact on production in Ghana,” he explained.

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