Finance Minister, Ken Ofori-Atta says Ghana’s economy couldn’t withstand partial lockdown beyond 3-weeks

Mr Ofori-Atta explained that the country’s largely informal economy, cannot sustain a lockdown beyond three weeks.

Speaking at an event at the Jubilee House, Mr Ofori-Atta said it was necessary to lift the lockdown.

“When you look at what happened during the lockdown. It was quite clear after a point that given the 90% of our population is informal and they go out each day to earn wages, it became increasingly impossible to continue with such a policy.”

As part of measures to prevent the spread of coronavirus, President Akufo-Addo on March 27, 2020 announced a partial lockdown. However, the partial lockdown was lifted after three weeks.

Meanwhile, the government is implementing various fiscal and monetary measures to mitigate the adverse effect and provide relief for businesses and households.

The Ministry of Finance is anticipating that the economic growth of 6% will decline to 1.5%. This is the least in 37 years.

Mr Ofori-Atta also said Ghana will record a significant drop in revenue target this year due to the pandemic. This is because the country is recording a huge decline in revenue from the port, petroleum revenue receipts as well as tax revenue.

He, however, said that the cumulative effect of the novel coronavirus pandemic will cost Ghana GHC9.505 billion.

Ghana has currently recorded 5,127 cases of COVID-19 with 494 recoveries and 22 deaths.