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42,000 Ghanaians lost their jobs during Covid-19 partial lockdown – Akufo-Addo

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It has emerged that a total of 42,000 Ghanaian employees were laid off during the three-week partial lockdown imposed on the Greater Accra and Kumasi Metropolitan Areas and their contiguous districts, Tema and Kasoa.

In his first first State of the Nation Address after he won the 2020 presidential elections, President Akufo-Addo said, “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. This survey, again, showed that about seven hundred and seventy thousand (770,000) workers had their wages reduced, and about forty-two thousand (42,000) employees were laid off during the three-week partial lockdown imposed on the Greater Accra and Greater Kumasi Metropolitan Areas and their contiguous districts, Tema and Kasoa. Government, however, succeeded in protecting the jobs and incomes of all public sector 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 resultant fiscal deficit for 2020 was, thus, revised from 4.7% of GDP to 11.4% of GDP. This was done to reflect the impact of the pandemic. The fiscal responsibility rule of keeping a deficit within a threshold of 5% of GDP and a positive primary balance for every year was suspended in 2020 to enable fiscal operations to accommodate the impact of the pandemic.”

Source:A1Radioonline.com|101.1MHZ|Ghana

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