The Minister of Finance, Ken Ofori-Atta has urged Ghanaians to brace themselves for a difficult year as a result of the COVID-19 pandemic.
He said this on the floor of Parliament during the 2020 mid-year budget review.
According to him, the pandemic has had a negative effect on the world economy and Ghana’s economy will not experience anything different.
“COVID-19 pandemic is far more than a crisis and Ghana’s economy hasn’t been spared. We must not and will not be daunted by this crisis…the predicted, long lasting effects of this pandemic suggests that 2020 and beyond will be difficult. Ghana will therefore need a courageous and competent government. We have proved, over time, that we are better managers of the economy.
“Let us be in no doubt that Africa is facing its first depression for 25 years, sadly after two decades of stable growth.”
The Finance Minister added that despite the impact of the COVID-19 “the economy has continued its sharp growth from 2017. Driving this growth is Information Communication Technology and Real Estate,” adding “2019 was a good year for us with improved inflation, growth and deficit.”
According to the Finance Minister, President Akufo-Addo will, in the coming weeks, launch a GH100bn development program.
He added that provisional overall figures from the Ghana Statistical service showed a GDP growth of 4.9% in the first quarter of 2020 as compared to 6% in the same period in 2019.