Economy

Government analyzing potential impact of Coronavirus to our economy – Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo says the government is analyzing the potential impact of the Coronavirus pandemic to Ghana’s economy and trigger the relevant response to minimize it.

Speaking in an address to the nation on the COVID-19 pandemic on Wednesday, March 11, 2020, President Akufo-Addo said, “Government is analyzing the potential impact to our economy of the virus and trigger the relevant response to minimize it.”

He added, “We began to engage with the pharmaceutical industry to assist in producing as much of the logistics required to prevent and combat the virus as it’s possible under the circumstances.”

President Akufo-Addo said the pandemic serves as an opportune time for the country to strengthen its productive capacities.”
He said, “Indeed we must take advantage of this crisis to strengthen our domestic productive capacities so we can advance our self-reliance and reduce our dependence on foreign imports. Necessity they say is the mother of inventions.”

“We grateful that the World Health Organization (WHO), the World Bank, the International Monetary Fund (IMF) and friends of Ghana for the assistant they have so far provided and for the pledges made in support of our fight. We shall continue to work with them to reduce the spread of the virus. I’m confident that together with all hands on deck, we will be successful in weathering this storm.”

Projected oil revenue

In the 2020 budget, the government projected to get about $1.5 billion at a benchmark price of $62.6 per barrel for its oil revenue, due to the effect of the outbreak of the coronavirus on oil demand and the sudden price war between Saudi Arabia and Russia oil prices are now hitting about $30 per barrel.

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The government could lose about half of the projected oil revenue for this year.

This is if prices continue to decline or stays at around $30 a barrel for the rest of this year.

But does this now put pressure on the government to quickly review its budget estimates before July this year?

Ghana has so far recorded six coronavirus cases.

Globally, there are about 153, 517 confirmed cases (10 982 new), 5735 deaths (343 new). China has 81, 048 confirmed cases (27 new) 3, 204 deaths (10 new).

Outside of China, 72, 469, there have been confirmed (10, 955) 2, 531 deaths (333 new)

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