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Ghana lost GHC21 billion due to COVID-19 - Minister- Minister-designate

The coronavirus pandemic cost the Ghanaian economy GHC 21 billion, the Minister-designate of state at the Finance Ministry, Mr. Charles Adu Boahen, has said.

The minister-designate, who is facing the Appointment Committee of Parliament, made the disclosure when he was asked by the Member of Parliament for Madina, Mr. Francis-Xavier Sosu, about the cost of COVID-19 to the Ghanaian economy.

“Mr. Chairman, COVID-19 cost us directly about 21 billion Ghana Cedis. Of that amount, GHC18 billion was funded or finance through borrowing. The rest came in as grants and some money from the stabilization fund,” Mr. Charles Adu Boahene said.

Asked about his company’s involvement as transaction advisers to the Bank of Ghana in the issuance of bonds, he noted that he resigned from the company in 2017 and does not get involved in the business deals of the firm.

“Mr. Chairman, as I mentioned earlier, I resigned from the board and management of Black Star Advisors in 2017. I have no role and I do not participate in their business dealings,” he said.

His comments follow an accusation by the Member of Parliament for Bolgatanga Central, Isaac Adongo, that he used his past position as Deputy Minister of Finance to grant undue benefit to his firm, Black Stars Advisors, in the issuance of government bonds.

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Appointment Committee of Parliament Charles Adu Boahen Francis-Xavier Sosu Ghana Ghanaian

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