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Business News of Thursday, 29 July 2021


Mid-year budget: Ghana’s economic outlook not good – Seth Terkper

Former Finance Minister, Seth Terkper Former Finance Minister, Seth Terkper

Former Finance Minister Seth Terkper has said that overall, Article IV of the International Monetary Fund (IMF) on Ghana's economic outlook is not good, even with a post-COVID recovery.

However, he said the public can wait for the GOG post-Article IV Outlook when the Minister presents the 2021 Mid-Year Review today Thursday, July 29.

"I quoted IMF's post-COVID positive outlook in (C), but overall, the Art IV outlook is not good, even with a post-COVID recovery. First, lookout (this week) for our analysis of IMF's Press Release appendix table. The Fund revises many 2019 to 2022 Budget and Medium-term data.

A financial analyst, Mr Joe Jackson, has said the mid-year budget statement to be presented to parliament must focus on how the country can deal with the risks posed by the 3rd wave of the coronavirus.

In a tweet, Mr Joe Jackson said, "The biggest current risk to Ghana's economy is another wave of COVID. I pray the midyear review addresses this comprehensively. Over to you Hon Ken Ofori-Atta … #MaskUpGhana #COVIDisReal #COVID3Wave

President Nana Addo Dankwa Akufo-Addo has said that per the data on the coronavirus infection rate in Ghana, it appears that, unfortunately, Ghana is experiencing a third wave of COVID-19 infections.

Addressing the nation on Sunday, July 25, he said, "I have not come into your homes for some time, because I had hoped that the next time I did so, I would come to announce that we were ready to lift the restrictions and protocols and get our lives and economy back to normal.

"Alas, that is not the case, so it has become necessary for me to come to your homes this evening, after a ten (10) week absence, to provide you with an update on our nation's COVID-19 situation."

He added, "As per data available from the Ghana Health Service, it appears that, unfortunately, our nation is experiencing a third wave of COVID-19 infections.

"These increased infections have largely been driven by the Delta Variant of the virus, which, according to the World Health Organization, has increased transmissibility rates, and, in our case in Ghana, has led, in recent weeks, to a rise in hospitalization and ICU bed uptakes, and, tragically, deaths.

"Indeed, in Update No.25, the last update I rendered, our total active case count stood at one thousand, three hundred and fourteen (1,314), with our daily infection rate standing at one hundred (100).

"One million, one hundred and twenty-one thousand, one hundred and sixty-eight (1,121,168) COVID tests had been conducted, out of which ninety-two thousand, four hundred and sixty (92,460) persons had been infected, ninety-one thousand, one hundred and forty-six (91,146) persons had recovered, with a total of seven hundred and eighty-three (783) deaths."