He stated the developing change family members among Ghana and China, and the dependence of assistance from China as areas which may be impacted negatively.
The coronavirus could price the worldwide economy more than $1trillion in lost output if it will become a virus, in step with a leading economic forecaster.
Oxford Economics has warned that the unfold of the virus to areas outdoor Asia might knock 1. Three percentage of international increase these 12 months, the equivalent of $1.1trillion in misplaced earnings.
A survey of 1,000 small and medium scale businesses conducted via two Chinese universities discovered that, unless conditions stepped forward, one-third of the companies might run out of coins inside a month, the consultancy said.
Another survey of 650 companies located that 40% of personal firms could run out of cash inside 3 months. This inline with former finance minister Seth Terkper ought to impact Ghana’s economic system if the spread of the virus keeps at its present-day fee.
Speaking to TV3’s Alfred Ocansey for the duration of the evaluation of the President’s State of the State address, he indicated that “among 2014 and 2015, while I turned into finance minister, Ghana’s financial system took a success, and it became normally due to China.
“So all I’m cautioning is for government to take the possible impact of this coronavirus a touch more seriously.
“This is due to the fact if the spread of the virus non-stop without a remedy, massive manufacturing corporations will shut down, and Ghanaian agencies that rely upon China will take a success, Ghana’s economy might not be able to getaway. All I’m saying is, it is ideal to put together for any eventuality.”
In his view, even though Ghanaian businesses have begun feeling a minimal impact, a similarly put off in locating a treatment could have dire consequences.
Another survey of seven hundred businesses discovered that 40 percent of private corporations could run out of cash reserves within three to four months.
Ghana is now the seventh biggest trading accomplice of China in Africa.
Trade deals between Ghana and China extended appreciably, making Ghana move up 7th position among African nations.
The partnership between those countries added widespread profits as Ghana-China exchange quantity registered over 6 billion bucks last year up by using eleven.69 percentage.
In terms of export and import between the 2 countries, China export to Ghana turned into $four.8billion and imports from Ghana turned into at about $1.8bn increased with the aid of 3.37 percentage and forty-one. Three percent respectively.
China’s non-monetary direct funding inflows into Ghana hit $123 million and the extent of China’s newly signed contracts in Ghana reached $2.9billion making Ghana stand out amongst African countries with those figures.