COVID-19 Pandemic and Ghana’s Economy: A Deep Dive into Economic Indicators

Williams Kwasi Peprah, Isaac Anowuo, Ebenezer Owusu-Yeboah, Daniel Adofo Kwakye Ameyaw and Lucile Sabas
Additional contact information
Williams Kwasi Peprah: Department of Accounting, Economics and Finance, School of Business Administration, Andrews University, Michigan, USA
Isaac Anowuo: Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
Ebenezer Owusu-Yeboah: School of Business, Valley View University, Accra, Ghana
Daniel Adofo Kwakye Ameyaw: Meridian Ghana Conference of Seventh-day Adventists, Ghana
Lucile Sabas: Department of Accounting, Economics and Finance, School of Business Administration, Andrews University, Michigan, USA

International Journal of Economics and Financial Issues, 2024, vol. 14, issue 6, 145-152

Abstract: The study presents an in-depth analysis of the COVID-19 pandemic’s effect on Ghana’s gross domestic product (GDP), balance of payments and international investment position (BPM6), and inflation (INFL). Employing a pre-and post-COVID-19 comparison (2017-2022) through repeated measures ANOVA and tests of between-subject effects, it investigates whether the government’s economic performance was significantly impacted. Key findings show a notable decrease in GDP and BPM6, alongside a major increase in inflation rates post-pandemic. The study concludes that the COVID-19 pandemic had a statistically significant impact on Ghana’s economic performance in terms of GDP and BPM6, but not inflation. Recommendations include implementing economic stabilization policies, managing the balance of payments, controlling inflation, and focusing on sustainable growth. These insights are crucial for policymakers and stakeholders in navigating Ghana’s post-COVID-19 economic situation.

Keywords: COVID-19 Pandemic; Gross Domestic Product; Balance of Payments and International Investment Position; Inflation; Ghana (search for similar items in EconPapers)
JEL-codes: E01 F62 O11 O55 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econjournals.com/index.php/ijefi/article/download/17167/8288 (application/pdf)
https://www.econjournals.com/index.php/ijefi/article/view/17167 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ1:2024-06-16

Access Statistics for this article

International Journal of Economics and Financial Issues is currently edited by Ilhan Ozturk

More articles in International Journal of Economics and Financial Issues from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().