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Country Highlights

Ghana & its Economic Landscape Amidst COVID-19

The COVID-19 pandemic has had a profound impact on Ghana over the past two years, leading to a significant decline in the country’s real GDP growth rate from an estimated 6.5% in 2019 to just 0.4% in 2020 as the global crisis unfolded. The implementation of containment measures, including lockdowns and movement restrictions, disrupted economic activities across various sectors, contributing to the economic slowdown.

Despite these challenges, Ghana managed the crisis relatively well compared to other developing nations with similar income levels. This success can be attributed in part to the government’s fiscal policies aimed at boosting revenue. Projections for 2022 indicate Ghana’s target to reduce its fiscal deficit to 7.4% of GDP, reflecting efforts to mitigate the economic impact of the pandemic and expedite the country’s recovery process.

The business landscape in Ghana underwent significant transformations due to COVID-19. Many small enterprises faced closures or reduced operations during peak pandemic periods due to financial constraints and decreased demand, particularly affecting sectors reliant on social interactions such as hospitality and retail. However, the pandemic also presented new opportunities, with a growing number of Ghanaians embracing e-commerce and digital services out of necessity, leading to growth opportunities for businesses catering to this evolving trend.

Looking ahead, Ghanaian policymakers must continue striking a balance between ensuring public health safety and maintaining economic stability. Increasing vaccination rates will be crucial for safely reopening borders and revitalizing the vital tourism sector. Simultaneously, supporting struggling businesses and fostering growth in emerging sectors can help mitigate job losses and drive economic recovery.

By adeptly navigating these challenges while capitalizing on opportunities in digitalization and technology, Ghana stands poised to rebound towards pre-pandemic economic levels in the coming years. Through prudent management and resilience demonstrated during this unprecedented crisis, Ghana remains positioned to overcome obstacles and emerge stronger from the impacts of the COVID-19 pandemic.

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