The government raised GH¢19.three billion in its efforts to address the COVID-19 pandemic withinside the country, Mr Ken Ofori-Atta, the Minister of Finance, has stated.
He stated to mitigate the effect of the pandemic on groups and households, make sure that financial sports get better and minimise task losses, the Government mobilised GH¢18.19 billion out of the programmed GH¢19.three billion in 2020 from numerous investment assets.
Mr Ofori-Atta said this on Wednesday at the ground of Parliament, whilst he supplied his declaration to the House, dubbed “Statement to Parliament at the COVID-19 Expenditure 2020/2021”.
Details of the assets of investment blanketed Government of Ghana Contingency Fund (Covid-19 Alleviation Programme) GH¢1.2 billion, World Bank Group Funds – Health Interventions GH¢1.three billion, GARID CERT ($ sixty-five million) GH¢377 million, Fast Track COVID-19 Facility ($35 million) GH¢203 million, and Fast Track COVID-19 extra Facility ($a hundred thirty million) GH¢754 million.
The assets of investment beneath neath the 2020 Budget Support programme blanketed the International Monetary Fund (1000000000 dollars) GH¢5.nine billion, AfDB GH¢405.6 million, the European Union (EU) GH¢504 million, Bank of Ghana (BoG) COVID-19 Bonds GH¢10 billion.
Mr Ofori-Atta stated Ghana recorded its first instances on the twelfth of March 2020, and that President Nana Addo Dankwa Akufo-Addo, at once prepare a taskforce which spearheaded the improvement of a bold, comprehensive, and decisive approach to make sure that we aren't crushed through the pandemic.
He stated consistent with this approach, the effect of the COVID-19 pandemic at the financial system of Ghana changed into assessed and measures designed to deal with its instantaneously impacts.
He referred to that, however, the effect of the pandemic changed into even extra extreme than expected globally and domestically; including that it had upended and uncovered the weaknesses in important systems and structures in education, fitness, financial lifestyles and communities.
Mr Ofori-Atta stated the pandemic prompted a pointy and heavy disruption in international deliver chains as lockdowns and regulations brought about discounts in call for and manufacturing levels.
“Mr Speaker, this has required us to adopt essential financial measures past what we programmed previous to the pandemic.
“To finance the extra expenditure which includes help to households, engagement of extra fitness employees deployment of protection employees at our borders to put in force the COVID-19 protocols, in addition to the procurement of private shielding equipment, Government has needed to undertake essential financial measures to deal with the accelerated expenditure and the shortfalls in revenue. Though our reaction changed into bold, decisive, and compassionate, it has additionally been costly.”
The Minister recalled that on thirtieth March 2020, he made a declaration to Parliament at the Economic Impact of the COVID-19 Pandemic at the Economy of Ghana, following which the implementation of the Coronavirus Alleviation Programme (CAP) commenced.
He stated furthermore, in the course of the presentation of the 2020 Mid-Year Fiscal Policy, he indicated that the supplementary request blanketed a programmed investment of GH¢19.3billion from numerous investment reassets to help the price range each immediately and indirectly.
Mr Ofori-Atta stated at the expenditure side, an quantity of GH¢11.sixteen billion changed into programmed for COVID -19 associated fees; pointing out that the distinction of GH¢8.14 billion changed into programmed to offer for shortfalls in Revenue.
He stated in 2021, the price range programmed a complete quantity of GH¢4,601 million for COVID-19 associated fees; maintaining that “It is really well worth noting that the Ministry of Finance mobilized the wanted economic resources, even as the numerous COVID-19 interventions and associated fees had been applied through the applicable region ministries and agencies”.
Touching at the Coronavirus Alleviation Programme, the Minister stated the Government programmed investment of GH¢1.2 billion from the Contingency Fund, to finance the Coronavirus Alleviation Programme.
He reiterated that this programme centered on attaining 5 key objectives: Limit and forestall the importation of the virus; incorporate its spread; offer ok take care of the sick; restriction the effect of the virus on social and financial lifestyles; and encourage the enlargement of our home functionality and deepen countrywide self-reliance.
blogpay
Total Comments: 0