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!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

DP Ruto's firm wins Sh190M Nairobi county gov't tender

DP Ruto's firm wins Sh190M Nairobi county gov't tender

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

Willy Paul apologizes to Kenyans on Behalf of Diana B

Willy Paul apologizes to Kenyans on Behalf of Diana B