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    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Mahama speaks at 2023 Korea Africa Business Summit

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

    GSA to clamp down on sub-standard cables, electrical products dealers

    GNPC hasn’t signed any deal with PetroSA – Freddie Blay clarifies

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    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

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    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

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COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap

byPius Amihere Eduku
March 18, 2020
in Banking And Finance, Economy, Top Stories
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The Finance Minister, Ken Ofori-Atta, has told Parliament that government will rely on a mix of funds from the World Bank, IMF and withdrawals from the Stabilization Fund to finance the budgetary gap expected to be created by the fiscal impact of the Coronavirus pandemic on the Ghanaian economy.

According to him, this has become apparent as receipts from the petroleum industry, revenue from the tourism and aviation industries among others, have been projected to suffer a massive hit from the meltdown associated with the novel virus.

Addressing Parliament on the fiscal impact of the coronavirus, Ken Ofori-Atta said government will return to Parliament for the legal backing required to access the required funding to bridge the expected financing gap.

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“The measures may include withdrawal from the Ghana Stabilization Fund occasioned by anticipated shortfalls in the ABFA. We will come to this august House to seek for the necessary approvals when it is necessary in due course,” he told Parliamentarians.

Mr. Ofori Atta added that, “We are currently in discussion with the World Bank to tap into a $12 billion fast tracked COVID-19 facility to help close the financing gap. In addition, we are discussing with the IMF to access part of the $10 billion facility made available by the Fund. We are also discussing with other multilateral and bilateral partners to nationals on potential assistance to close the financing gap.”

The Minister for Information, Kojo Oppong Nkrumah, has already indicated that Ghana’s Economic Management Team and the Finance Ministry, has carried out adequate assessment of the economic impact of the spread of the coronavirus pandemic.

BoG’s MPC meets from today to assess economic impact of COVID-19

Meanwhile, the Bank of Ghana’s Monetary Policy Committee will from[Wednesday], March 18, 2020, meet to assess the possible impact of the coronavirus pandemic on the domestic economy. This is to enable the regulator take the necessary steps to mitigate its impact and ensure financial and economic stability.

COVID-19 cases in Ghana so far

So far, Ghana has recorded seven cases of the COVID-19.

The government has earmarked US$100million to support the containment of the virus.

In addition, there have been some interim measures on social distancing to avoid a possible spread.

These include restriction of large gatherings for religious activities, conferences, schools and funerals among others.

Also, in bound travels from countries with 200 or more of the COVID-19 cases, have been halted temporarily as Ghana works to reduce the imported cases recorded so far.

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