Ken Ofori-Atta announces government’s planned support for informal sector

Finance Minister Ken Ofori-Atta has announced government intends to support the informal sector as part of measures to mitigate the negative impact of the Coronavirus pandemic on the economy.

According to the minister, government has already begun engagement with several trade unions and associations on how various players in the informal sector can benefit from the financial relief package government allocated.

While laying out means by which affected players in the informal sector can access the fund, Mr Ofori-Atta said his outfit, together with the Trade Ministry and other stakeholders, are working hand in hand to ensure that the majority of daily workers are reached with the bailout.

“We are going to be working with MBSSI and the rural banks, Ghana Commercial Bank and the consolidated Bank because of the reach and then work with the trade associations, which the Minister of Trade and Industry is getting a list of them. Then we will figure out a way which this can be transmitted that would get to a majority of those people,” he told Samson Lardy on Joy Newsfile, April 4, 2020.

Though several questions have been raised about the availability of data to ensure the appropriate disbursement of funds for affected informal sector players, the Finance Minister had earlier assured that his outfit was working with the Ghana Statistical Service to find viable solutions.

Ghana’s informal sector is tipped as one of the major areas to be brutally affected by the lockdown as many workers live by daily sales and income, otherwise called ‘by day’.

But the Finance Minister has assured that once parliament gives approval to the bailout, his ministry will “see how quickly we can get our micro, SMEs working”.