The Majority Leader and Minister of Parliamentary Affairs, Osei Kyei-Mensah-Bonsu has disclosed that Ghana lost GHS13.6billion in revenueS as a result of the COVID-19 pandemic.
Presenting the 2021 budget statement and economic policy on the floor of Parliament on Friday (March 12, 2021), the Majority Leader said the pandemic was an “unprecedented crisis” which caused a shortfall in government revenues.
“Overall budget deficit on a cash basis was 11.4% of GDP. The primary balance recorded a deficit of 5.3% of GDP. Annual growth of outstanding credit to the private sector moderated from 9.39% in December 2019, to 0.17% in December 2020. This unprecedented crisis, for which we had no pre-existing guidelines, triggered a sudden shortfall in government revenues amounting to GHS13.6 billion and unexpected; unavoidable rise in expenditures of GHS11.7 billion.”