Coronavirus: Ofori-Atta requests Parliament’s approval to use GH¢1.2bn from Contingency Fund

Finance minister Ken Ofori-Atta is seeking Parliament's approval to spend over GH¢1.2 billion from the Contingency Fund in fighting COVID-19 in the country.

The finance minister while addressing Parliament on Wednesday, April 8, 2020 said “these are extraordinary and sobering times and we must respond with a deep a sense of social justice so that our very humanity is not compromised”.

The said monies, which will be drawn out of the Contingency Fund is expected to be used for the GH¢1 billion Coronavirus Alleviation Programme.

His statement also detailed areas where the program will be targeted including a stimulus package for businesses and households, tax waivers and incentives for health workers and soft loans to small businesses.

Mr. Ofori-Atta is also seeking the support of Parliament to amend the relevant laws to lower the cap of the Stabilisation Fund from US$300 million to US$100 million.

This is to enable the government use the excess funds to bridge the gap created by the economic impact of the pandemic.

As part of other measures, the government has put in place a GH¢600 million soft loan scheme with a two-year repayment plan for micro, small and medium scale businesses.

The Finance Minister has already indicated that the cumulative effect of the novel coronavirus pandemic will cost Ghana GH¢9.505 billion.

Ghana’s Covid-19 cases has hit 313 with one more death recorded as of Tuesday, the Ghana Health Service announced.

His request has been referred to Parliament’s Finance Committee.