Unmasking the Storm: An In-Depth Analysis of Covid-19's Economic Ripple Effect on Ghana

Samuel Yeboah

MPRA Paper from University Library of Munich, Germany

Abstract: This comprehensive review examines the wide-ranging impact of the COVID-19 pandemic on the Ghanaian economy. By analysing a diverse array of sources, including academic papers, reports, and official publications, it aims to provide a comprehensive understanding of the economic implications brought about by the pandemic. The review begins by discussing the immediate consequences of the pandemic, such as disrupted supply chains, reduced trade activities, and the enforcement of strict lockdown measures. It further explores the subsequent economic challenges faced by various sectors, including agriculture, manufacturing, tourism, and services. The review also examines the adverse effects on employment, income inequality, and poverty rates. Furthermore, the government's response to mitigate the pandemic's impact on the economy is examined. This includes an analysis of fiscal stimulus measures, monetary policy adjustments, and social protection interventions implemented by the Ghanaian government. The effectiveness of these measures in supporting businesses, preserving jobs, and providing relief to vulnerable populations is assessed. The review also addresses the implications for Ghana's external trade and foreign direct investment, as well as the impact on public finances, debt sustainability, and financial stability. It explores the role of international organizations, such as the International Monetary Fund (IMF) and the World Bank, in providing support and financial assistance to Ghana during these challenging times. Lastly, the review identifies key lessons learned from the Ghanaian experience and emphasizes policy priorities for the post-pandemic recovery and resilience of the economy. It highlights the importance of enhancing healthcare systems, promoting digitalization and innovation, strengthening social safety nets, and diversifying the economy to reduce dependence on specific sectors. Overall, this comprehensive review offers valuable insights into the economic impact of COVID-19 on Ghana. It serves as a valuable resource for policymakers, researchers, and stakeholders seeking a deeper understanding of the consequences of the pandemic and provides recommendations for building a more resilient and inclusive economy in the future.

Keywords: COVID-19; Pandemic; Ghanaian economy; Economic impact (search for similar items in EconPapers)
JEL-codes: E24 E32 E62 F15 F43 H12 (search for similar items in EconPapers)
Date: 2023-02-17, Revised 2023-04-18
New Economics Papers: this item is included in nep-mfd
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