Outbreak of virus has reduced arrival of containers at Ghana’s ports – Ofori-Atta

Finance Minister, Ken Ofori-Atta, has indicated the outbreak of the novel Coronavirus pandemic in Ghana has adversely affected the arrival of containers at Ghana’s ports by at a least a third.

According to him, there’s been a drop in import duties with trade volumes and values for both domestic and international also witnessing a decrease as a result of the coronavirus pandemic.

Ken Ofori-Atta made the disclosure on March 30 while briefing Parliament House on measures government has adopted to sustain the economy following the disruption caused by the virus outbreak.

“Mr. Speaker, trade volumes and values (both domestic and international) are also reducing as a result of the coronavirus pandemic. We are already seeing significant reductions in trade volumes and values with many countries, especially China, which constitutes the highest of Ghana’s imports and the second highest of Ghana’s exports. We are also observing reduced arrival of containers at the ports by at least a third, resulting in reduction in import duties,” he disclosed.

The Finance Minister further predicted reductions in imported intermediate goods could significantly slowdown Ghana’s manufacturing activities.

Adding, the outbreak of the pandemic will alter the reduction in demand for forex for importation of goods and services.

“Reductions in imports of goods and services is, however, expected to reduce the demand for forex for importation of goods and services. This has a favourable impact on foreign exchange volatility and on our net international reserves. It also provides opportunities for import substitution, thereby, enhancing local production of goods and services,” Ofori Atta explained.

Ghana’s economy is said to lose GH¢9.5 billion due to the outbreak of the novel Coronavirus pandemic. This will represent 2.5 percent of Ghana’s revised Gross Domestic Product (GPD).