Business News of Friday, 29 May 2020Source: Starr FMImpact of coronavirus on economy severe than other crisis – TerkperFormer Finance Minister, Seth TerkperA former Finance Minister under the erstwhile John Mahama administration has stated that the negative impact of COVID-19 on the Ghanaian economy is severer than the impact of the power crisis and the global financial crisis that had a direct impact on the economy. Mr Terkper’s comment comes after the Finance Minister, Ken Ofori-Atta, on Thursday, presented a report to Parliament over the government’s plan to trigger section 30 (6) of the Bank of Ghana Act. This is to help the government obtain GHC10 billion in domestic financing from the Central Bank to deal with the economic challenges occasioned by the coronavirus pandemic. Speaking on Morning Starr Friday, the former Finance Minister said there is no doubt that the COVID-19 pandemic has severely affected Ghana’s economy and it will be hypocritical for anyone to reject measures to stabilise the economy. “COVID has an effect on the economy and we all know that and it is severer than other shocks than the global financial crisis, even the two and half years we were not getting gas from Nigeria which led to the power crisis which we call 'dumsor'.

Source: GhanaWeb May 29, 2020 09:22 UTC