Covid-19: Economy To Slide Downwards For About 2 To 3 Years Before Picking Up-Finance Minister

Minister of Finance, Mr. Ken Ofori Atta has indicated that as the Akufo-Addo government tries to rebuild the country’s economy amidst the novel coronavirus, the economy would suffer a downward slide for about two to three years before it picks up again.

“I had indicated what I termed trapezoid recovery which means sort of the plummeting impact of the 6.8% to the 0.9% and the slow slide potentially downwards for about two, three years before we pick up again”, the Finance Minister said on JoyNews’ PM Express.

He raised the concerns based on the impact that the COVID-19 pandemic has on the Ghanaian economy as many businesses have folded up as they try to fight the rapid spread of the deadly virus.

The Minister of Finance indicated that in order to revive the economy in the coming years, the only way out is for the Akufo-Addo government to do is to take bolder steps as it might eventually pay off economy might pay off eventually.

“I’m a lot more confident of the resilience we have shown and I think if we intervene very strongly and put classical economics aside, and say we’re going to intervene boldly and make sure that the supply response comes, get people working, get people independent, I think we’ll come out much faster”, he mentioned.

The Finance Minister earlier in April this year had bemoaned the country losing more than one billion dollars of revenue as a result of the government’s attempt to deal with the pandemic.