Coronavirus: Ghana's growth rate projected to decline from 6% to 1.5% according to Information Minister, Oppong Nkrumah

The Information Minister, Kojo Oppong Nkrumah, has said that Ghana’s growth rate has been projected to decline from 6% to 1.5% due to the shortfalls of the coronavirus pandemic.

Ghana's Minister of Information, Kojo Oppong Nkrumah

Speaking at the Minister’s press briefing on Tuesday (May 12, 2020), he explained that Ghana’s budget deficit is also expected to exceed 5% of Gross Domestic Product (GDP) adding, the nation will also be impacted in its macro-fiscal position due to the pandemic.

Mr Oppong Nkrumah said the Finance Minister, Ken Ofori-Atta has been tasked to put together a Resilience and Recovery Programme to mitigate the economic impact of coronavirus across all sectors.

He added Ken Ofori-Atta is expected to present and submit the Resilience and Recovery Programme to Parliament and the nation after cabinet approves it.

"After deliberations at a cabinet retreat held over the weekend, government has decided that the Finance Minister is to ensure that the macro slippages occasioned by the pandemic are reduced to the barest minimum. It has become obvious however that this year's budget deficit will exceed the 5 percent of GDP projected."

"It is important to note that this slippage is as a result of the massive cuts in national revenues due to the global economic slowdown, reduction in trade, and the need to expand some expenditure items to help contain the situation," he added.

The Information Minister explained that the Resilience and Recovery Programme will elaborate on fiscal expansion measures to assist specific sectors of the Ghanaian economy to achieve a growth rebound.

"Despite the expected hits of the pandemic across all sectors, priority is to be maintained on the following sectors; health, education, infrastructure, food and agriculture, social protection, import substitution, and industrial growth as well as security," Oppong Nkrumah explained.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Bisola Aiyeola opens up on pausing music for Nollywood

Ada Jesus drama: Actress Rita Edochie curses critics on Instagram

Kanye West responds to Kim Kardashian's divorce petition

Avocado Pear: The health benefits of this fruit are priceless

Ngozi Okonjo-Iweala wants us to wear Ankara; here are 4 style tips

The full details behind Rita Edochie, Prophet Odumeje and Ada Jesus' drama

Actress Rachel Bakam is dead

Google honours Oliver De Coque on his 74th posthoumous birthday

Man stabs Chief Imam to death over alleged love affair with wife