In December 2019, a novel coronavirus outbreak was first documented in Wuhan, China.

This virus triggered crisis for the global economy and markets including Ghana. With an escalating number of confirmed cases globally, the World Health Organization (WHO) declared the virus to be a global pandemic, meaning that it will have a sustained global impact.

In order to stop the spread of the Covid-19 outbreak, many countries across the world including Ghana implemented very tough measures such as introduction of travel restrictions, strict lockdown to try to contain the virus. The repercussion of these measures has been a total halt to major industrial production chains and as such affecting governments tax revenue.

Furthermore, some safety protocols such as the use of nose masks, the frequent washing of hands and the use of a 70% based alcohol sanitizer in sanitizing hands and also the practice of social distancing were recommended by World Health Organization to help stop the spread of the virus. However, these measures have not been very successful in combating the virus, hence the introduction of the vaccine as another layer of the safety protocols.

According to World Health Organization, Ghana became the first country outside India to receive COVID-19 vaccine doses shipped via the COVAX Facility. On 23rd February, COVAX shipped 600 000 doses of the AstraZeneca / Oxford vaccine, from the Serum Institute of India (SII) from Pune, India to Accra, Ghana, arriving on the morning of 24th February, 2021.

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You are required to examine the possible impact of the introduction of the vaccine in Ghana on tax revenue in Ghana and India. (20 marks)