EDITION B24 | 22
WEDNESADAY MARCH 25, 2020
THEBUSINESS24ONLINE.COM
Present emergency budget now—ACEP
Develop emergency food security preparedness plan—Group demands
…to accommodate oil price drop, COVID-19 impact BY DOMINICK ANDOH
Government should present an emergency budget in the coming weeks that will accommodate the effect of the sharp decline in oil prices and the fiscal impact of the coronavirus (COVID-19) pandemic, the Africa Centre for Energy Policy (ACEP) has said, backing calls from the IMF and some academics. The energy policy think-tank, analysing the implications of low oil prices on Africa’s oil producing economies, said Ghana needs to follow the example of Algeria by preparing and presenting a supplementary budget—and not waiting till the mid-year budget presentation in July—to take stock of the impact of these two global developments on its fiscal health. “A new budget that accounts for the extraordinary drop in oil prices is required for oil producing countries in Africa. It is encouraging to see that Algeria has already recognised this fact and is preparing a supplementary budget that will help manage the effects of the low oil price. “This also recognises that a midterm budget will be too late for many countries to accommodate the full effect of the oil price drop and the
BY PATRICK PAINTSIL
Civil society group Alliance for Science Ghana is asking government to, as a matter of urgency, put in place measures to ensure food security and sustainability amid fears of food shortages in the wake of the coronavirus pandemic. MORE ON PAGE 8
Mid-year budget review to reveal fiscal impact of COVID-19 BY EUGENE DAVIS
BENJAMIN BOAKYE, EXECUTIVE DIRECTOR, ACEP
MORE ON PAGE 2
The impact of the Coronavirus disease (COVID-19) on Ghana’s economy will be made known when the mid-year review and supplementary budget is presented to Parliament later this year, Majority Leader Osei Kyei-Mensah-Bonsu has said. Speaking at a media encounter
Fracas over new single window system • GIFF claims system not working • IMANI petitions president • Ghana Link denies claim BY DOMINICK ANDOH
MORE ON PAGE 8
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ECONOMIC INDICATORS
WACSI BUILDS CAPACITY OF CSOs IN COMMUNITY MOBILISATION
RESTRUCTURE LOANS TO SAVE SMES FROM COLLAPSE - MINORITY
MORE ON PAGE 03
MORE ON PAGE 05
INTERNATIONAL MARKET
*EXCHANGE RATE (INT. RATE)
USD$1 =GH¢5.6896*
EXCHANGE RATE (BANK RATE)
USD$1 =GH¢5900.*
*POLICY RATE GHANA REFERENCE RATE *INFLATION RATE PRODUCER PRICE INFLATION:
14.5%* (YET TO BE SET) 7.8%* 11.8%
BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE CORN $/BUSHEL COCOA $/METRIC TON COFFEE $/POUND:
91 DAY TREASURY BILL INTEREST RATE
14.7586%
SUGAR $/POUND
AVERAGE PETROL & DIESEL PRICE:
GHc 5.13*
SILVER $/TROY OUNCE:
-2.50 ($26.23) -0.10 ($1.63) -39.50 ($1,486.30) -8.75 ($335.25) -34.00 ($2,284.00) +5.70 ($108.30) -0.22 ($10.67) -0.50 ($12.00)