Ghana to lose lot of Oil Revenue due to COVID-19 crisis – Finance Minister

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Finance Minister Ken Ofori-Atta has indicated that the nation will lose lots of oil income because of the global disaster caused by the Covid-19 pandemic.

The worth of crude oil has sunk to levels not seen since 2002 as demand for crude collapses amid the coronavirus pandemic.

Speaking at the opening ceremony of a three-day clean up exercise in Accra and Kumasi which began at present, the minister stated “clearly as we look at the economy with this external shock, we going to lose lots of oil revenues, and many others. And we’re additionally moving very quickly to do that.

He noted however that authorities is in the midst of a facility for a few billion {dollars} to cushion the nation.

“The president declared that we must always discover $100m for this, we had our personal assets as a authorities ought to as a result of we’ve got been very profitable in elevating three billion {dollars} from the euro-bond. However as a minister, anytime there is a chance you need to discover different methods of supplementing this cash.”

He assured that Ghana was safe financially to deal with the coronavirus pandemic.

“We also then started talking with the world bank with their program and we have successfully secured the $100 million, 65 million came last Monday. Parliament has passed the 35 million bill and so that will also come.

“So we are really secure in the sense of preparedness to be able to go forward,” he added.

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