We’ll lose a lot of oil Revenue – Ofori-Atta

03-04-2020

We’ll lose a lot of oil Revenue – Ofori-Atta

Finance Minister Ken Ofori Atta has indicated that the country will lose a lot of oil revenue due to the global crisis caused by the COVID-19 pandemic.
The price 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 started today, the minister said “clearly as we look at the economy with this external shock, we going to lose a lot of oil revenues, etc. And we are also moving very quickly to do that.

He noted however that the government is in the middle of a facility for about a billion dollars to cushion the country.

“The president declared that we should find $100m for this, we had our own resources as a government should because we have been very successful in raising 3 billion dollars from the euro-bond. But as a minister, anytime there is an opportunity you have to find other ways of supplementing this money.”

He assured that Ghana was secure financially to tackle 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.

 

Source: https://www.ghanaweb.com/GhanaHomePage/business/Coronavirus-We-ll-lose-a-lot-of-oil-revenue-Ofori-Atta-913294

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