Statement to Parliament on Economic Impact of the COVID-19 Pandemic on the Economy of Ghana

Mr.  Speaker,  you  recall  that  when  I  appeared  in  this  August  House  on Tuesday, 17th March 2020 to answer questions on the cost of printing the new GHS100 and GHS200 notes as well as on monies transferred from the Ghana Stabilisation Fund into the Sinking Fund in recent years, I used the  opportunity  to  provide  a  brief  update  on  the  fiscal  impact  of  the Coronavirus on the economy. 

I indicated then that I will come back to the House to provide a more detailed update on the macro-fiscal impact and the measures that Government is taking to mitigate the impact and, at the right time, seek for the necessary parliamentary approvals.  

Mr. Speaker, last Friday night, in his fourth address to update the people on the country’s responses to the Coronavirus pandemic, President  Nana Addo  Dankwa  Akufo-Addo  directed  the  Finance  Minister to  prepare  for approval  by  Parliament,  a  Coronavirus  Alleviation  Programme  (CAP)  to address the disruption in economic activities, the hardship of our people, and to rescue and revitalize our industries.  

Mr  Speaker,  this  is  in  line  with  achieving  the  five  (5)  key  objectives  the President has set out to combat the pandemic in Ghana:

1. limit and stop the importation of the virus;
    
2. contain its spread;  
    
3. provide adequate care for the sick;  
    
4. limit the impact of the virus on social and economic life and; 
    
5. inspire  the  expansion  of  our  domestic  capability  and  deepen  our self-reliance. 

Mr. Speaker, since the outbreak of the novel coronavirus in Wuhan, China, in late 2019, the virus has been spreading very fast around the globe and more recently in Africa.  It is affecting some 199 countries and territories around the world.  The World Health Organisation (WHO) declared the novel coronavirus a global pandemic on March 11 ––just 20 days ago. 

On that day, there were 4,500 new cases across the world, with only six in Africa.  Cumulative confirmed cases worldwide was 118,400. Ghana recorded its first case the following day, March 12.