• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Covid-19: $4.5 billion crisis support to Ghana unprecedented, says Terkper and Bokpin

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
536
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Covid-19: $4.5 billion crisis support to Ghana unprecedented, says Terkper and Bokpin

Former Finance Minister Seth Terkper and economics lecturer with the University of Ghana Business School (UGBS), Professor Godfred Bokpin, have described as unprecedented, the over $4.5 billion fiscal support from multilateral creditors and the Bank of Ghana (BoG) to government to tackle the Covid-19 pandemic.

According to the two, never has the country enjoyed such fiscal support in its management of economic crisis – not even during the global financial crisis.

Speaking at the 10th edition of the Business and Financial Times Ghana Economic Forum (GEF), the former Finance Minister averred despite the Covid pandemic creating a fiscal gap between 2 to 3 percent of GDP (approximately $2 billion), the country had received more fiscal support than it needed to tackle the pandemic adding that government has to be candid about the true fiscal deficit created by the pandemic.

“Reports from the IMF disclose a fiscal gap of covid to be 2-3 percent of GDP and considering that we have had $4.5 billion in support from the BoG, IMF, World Bank among others to support the crisis, it makes it unprecedented in the history of management of crisis in our economy and government has to be candid about it,” said Mr Terkper.

Mr Tekper holds the view the budget deficit of 11.7 percent recorded for last year cannot be attributed to the impact of Covid alone, especially when the costs of the pandemic had been catered for by loans from multilateral institutions like the IMF and World Bank.

On his part, Prof. Bokpin noted the unprecedented fiscal support received and used as stimulus packages for the various sectors of the Ghanaian economy was necessary as the pandemic had affected the nation’s income flow adding that Ghana with the rest of the countries in the West African sub-region lost over $40 billion in revenues.

RelatedPosts

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

“I agree with Mr Terkper on the fact that the $4.5 billion support from the IMF and World Bank in terms of the crisis without conditionalities is unprecedented and that the use of the funds by government in the form of stimulus packages for businesses in the various sectors was needful because this is a pandemic of inequality and is one of a kind because its economic impact will go over a century.

“Ghana and West Africa, in general, lost over $40 billion in national income,” he said.

He, however, lamented that government in the year 2021 seems to be rolling back the support it provided businesses amid the pandemic asserting that doing so could reverse the economic gains made from last year.

“Support provided by government seems to be rolled back, we have shifted from the embracive approach and now trying to deal with the pandemic from an austerity approach and that’s where I think we are failing and not building the economy to be resilient.

Read: Ghana moves two places up the Absa Financial Markets Index; ranks 4th in Africa

“Since the beginning of this year over Ghs 9 billion in government expenditure to be used in stimulating the economy has been cut, and numerous taxes imposed on businesses and individuals which I believe is counter-productive.

“And when you look at that, you notice that we are practically undoing all the gains we made in 2020 and hence the recovery of the economy will not be a V-shaped one as expected,” he stated.

This year’s GEF edition focuses on the youth and is held under the theme ‘Strengthening Home-grown Policies to Underpin the National Digitisation drive and Shared Financial Prosperity’.

The three-day event is chaired by the Chief Executive of the Ghana National Petroleum Corporation (GNPC) Dr. K.K. Sarpong, and will assemble experts from various sectors of the economy to discuss and proffer different solutions for economic development.

The speakers and panels will include the Governor of the Bank of Ghana, Dr. Ernest Addison; Commissioner of the Ghana Revenue Authority, Mr. Ammishaddai Owusu-Ansah; Former Minister of Finance, Seth Terkper; CEO of the Ghana Gas Company, Dr. Ben Asante; CEO of Dalex Finance Mr. Kenneth Thompson; and Madam Nathalie Akon Gabala, Regional Director West, Central and Northern Africa-Mastercard Foundation

The rest includes economist and lecturer at the University of Ghana Business School, Prof. Godfred Bokpin; Deputy Managing Director of the Ghana Stock Exchange, Ms. Abena Amoah; President of Virtuous Pot, Gloria Obuobisah; Managing Director of Absa Bank Ghana, Ms. Abena Osei-Poku; and Managing Director of Fidelity Bank, Julian Opuni, among many others.

Source: norvanreports
Tags: Bank of Ghana (BoG)Covid-19Covid-19: $4.5 billion crisis support to Ghana unprecedentedghanaIMFsays Terkper and BokpinWorld Bank
No Result
View All Result

Highlights

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

Passage of Competition Law Key to Tackling DSTV’s Market Dominance – CUTS International

Why Are Interest Rates Still High? The MPR vs Market Rates Debate

Climate Change Is Making Africa’s Debt Burden Worse – New Debt Contracts Could Help

Nigeria’s EV Market is in Vogue as Foreign Investment Pours in

Trending

Business

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

August 4, 2025

The Perils of Market Interventionism: When Political Pressures Threatens Ghana's Economic Gains - The Way Forward Ghana’s...

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

August 4, 2025

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

August 4, 2025

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

August 4, 2025

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.