Ghana is expected to suffer a revenue shortfall of up to GH¢2.2 billion as a result of the coronavirus pandemic, Finance Minister, Ken Ofori-Atta has said.
According to him, this is as a result of “the anticipated decline in import volumes and values, as well as the slowdown in economic activities.”
Presenting a financial statement to Parliament Monday on the economic impact of the covid-19 pandemic on the economy of Ghana, the Finance Minister outlined a significant hit on the country’s non-oil revenue.
“Based on the performance of import duties to date, as well as assumptions on projected decline in import volumes and values, preliminary analysis shows that import duties will fall short of target by GHȼ808 million for the 2020 fiscal year,” Mr. Ofori-Atta told MPs.
The Minister said “the projected slowdown in non-oil GDP as a result of the coronavirus pandemic is expected to result in shortfalls in tax revenues (excluding oil tax revenues and import duties).”
These, he said amount to some GHȼ1.4 billion. This brings the total estimated shortfall in non-oil tax revenues to GHȼ2.2 billion, Ofori-Atta noted.
Critics and social media users have also said the economy will take a hard hit as a result of the 14-day lockdown announced by President Nana Akufo-Addo on Friday.
In an address from the Jubilee House, Akufo-Addo directed a halt in movements of persons in Accra and Kumasi for two weeks.
The move, like has been done by other countries across the globe, is to help stop the spread of the Covid-19 that has now claimed more than 36,000 lives.
Latest Stories
-
Boeing strike ends as workers accept new contract
25 mins -
GAF will not relent in its quest to counter external threats – GOC Southern Command
28 mins -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
30 mins -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
32 mins -
Bobrisky reveals reason for leaving Nigeria
55 mins -
Tiwa Savage discloses ‘craziest thing I’ve ever done for love’
1 hour -
US states worried about election unrest take security precautions
1 hour -
Modi condemns violence after Canada temple incident
2 hours -
Barcelona hit by new flood as rescuers search Valencia basement car park
2 hours -
Labadi Beach Hotel pays over GH¢16m as dividend to SSNIT
2 hours -
Elon Musk can keep giving $1m to voters, judge rules
2 hours -
Election must not divide us, government will protect each citizen – Akufo Addo
2 hours -
Novel way to beat dengue: Deaf mosquitoes stop having sex
3 hours -
Trial begins over beheading of teacher who showed Prophet Muhammed cartoon
3 hours -
‘See you soon’ – Bobrisky jets out of Nigeria
3 hours