Ghana’s Economy Still Solid Despite Pandemic- Positive Growth So Far

Ghana is anticipated to have a positive economic growth of 0.9 percent this year, notwithstanding challenges presented by the COVID-19 pandemic. The current ruling government of the country was on the direction to develop the economy by 6.8 percent in 2020.

Ghana was probably going to encounter lower incomes and shortages in household, direct and aberrant duties as well as custom taxes assessed at GH¢4.2 billion because of the pandemic.

There was going to be setbacks in oil lease and non-charge incomes assessed at GH¢5 billion and GH¢3.9 billion respectively, whiles increase in consumptions to contain the pandemic is evaluated at GH¢11.7 billion.

In 2019, the economy grew by 6.5 percent contrasted with 2016 figure of 3.4 percent, taking it to 8.1per penny in 2017, 6.3 percent in 2018, saying that the 3.4 growth figure was the most minimal in 23 years.

Three years back, Ghana’s inflation was 7.9 percent, while the projection for 2020 was 8 percent contrasted with end of 2016. The shortfall for 2016 was 6.5 percent, and in 2017 it was brought down to 4.8 percent. The following year ie. (2018) it was brought further down to 3.9 percent, with 2019 diminishing to 4.8 percent and anticipated to do a shortfall of 4.7 percent in 2020.

According to some economic specialists including Dr Asibey Yeboah, in all territories (growth performance, price development and fiscal performance), they have all been reliably better.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *