SoNA 2021: Economy dominates dozen times Akufo-Addo mentioned COVID-19

President Nana AddoDankwaAkufo-Addo delivered his fifth State ofthe Nation Address, SoNA; on Tuesday March 9, 2021.

The address continues to receive different categories of reviews from politicians and different industry players. Parliament yesterday, March 10, 2021, started a debate on the address expecting to wrap up that duty today.

One of the areas that received lots of ink in the address was the public health issue of the COVID-19 pandemic. Coronavirus per GhanaWeb analysis of the statement was extensively addressed but more within the economic context.

Overall, the president mentioned the word COVID-19 a dozen times. The first use was in relation to the economic impact of the virus.

He said: “COVID-19 has impacted heavily on economic activities, created uncertainty, weakened global growth conditions, whilst putting undue strain on already weak and fragile health systems, particularly in developing countries.”

The address went on to reference the COVID-19 Business Tracker and how the virus had led to job losses especially in the private sector. Other economy related references included expenditure aimed at stemming tide of the virus and plans to reset the economy in post COVID-19 era.

Other economy related COVID-19 quotes

According to the COVID-19 Business Tracker survey, conducted by the Ghana Statistical Service, in collaboration with the United Nations Development Programme (UNDP) and the World Bank, the COVID-19 pandemic has led to job losses, with many Ghanaian businesses and firms being forced to cut costs by reducing staff hours, cutting wages, and, in some cases, laying off workers.

Indeed, the cost of COVID-19 has been enormous. Our overall economic growth rate for 2020 was revised downwards from 6.8% to 0.9%. The non-oil economy was also revised from 6.7% to 1.6%. Revenue shortfall was estimated at GH¢13.5 billion, with additional expenditures related to stemming the tide of COVID-19 estimated at GH¢11.8 billion, with the combined effect amounting to GH¢25.3 billion, or 6.6% of GDP.

The formulation and implementation of the COVID-19 preparedness and response plan, tracing, testing, treatment, waiver of personal income tax and provision of an additional fifty percent (50%) basic salary allowance to healthcare workers, expanding the capacities of laboratories to increase COVID-19 testing, establishment of isolation centres in all regions and districts, fumigation of markets and schools, provision of food packages and hot meals for residents in areas affected by the partial lockdown, provision of free water for all households, provision of free electricity for lifeline consumers and a fifty percent (50%) discount for all other consumers, reduction in the Communication Service Tax (CST) from nine percent (9%) to five percent (5%), the institution of a seven hundred and fifty million cedi (GH¢750 million) loan facility for micro, small and medium enterprises through the CAPBUS Initiative, and the provision of a two billion cedi (GH¢2 billion) guarantee facility to support large businesses, such as schools and pharmaceutical companies, are amongst the several measures put in place by Government to cushion Ghanaians from the impact of the pandemic.

The Ghana Revenue Authority has also extended the dates for filing of taxes from four (4) months to six (6) months after the end of the basis year, issued a waiver on VAT, National Health Insurance Levy and GETFund Levy on donations of equipment and goods for fighting the pandemic, waived income taxes on Third-Tier Pension withdrawals, and permitted the deduction of contributions and donations towards COVID-19 as allowable expense for tax purposes.

The medium-term outlook supported by the implementation of the Ghana CARES Programme is bright. We are confident that, together, we will emerge from the COVID-19 pandemic with a stronger and more resilient economy.

Mr. Speaker, if we are to oversee the rebirth and growth of our economy, our people must be healthy, and not succumb to COVID-19.

Health related COVID-19 quotes

When PPEs were being sold on the world market at extortionist prices, largely because demand outstripped supply, we began producing them in Ghana. Scrubs, medical gowns, sanitisers, masks, and gloves, all of these essential to the fight against COVID-19, were produced in Ghana.

Yes, we are reeling from the effects of COVID-19, but I am confident that, with the progress of the vaccination programme, we will recover quickly, and work towards putting our nation back onto the path of progress and prosperity.