An Economics Lecturer with the Kwame Nkrumah University of Science and Technology (K. N. U. S. T.) has stated that Ghana’s capacity to regroup and bounce back to normalcy in the economy would depend on the period within which the world would be able to eliminate COVID-19.
Speaking with Oyerepa F. M’s Kojo Jantuah, Dr. Kwaku Boateng, an Economist and Lecturer, KNUST, indicated that Ghana’s ability to recover and put our economy back on track would depend on when the COVID-19 would be cured and eliminated. He explained that it would be very difficult to mention/ tell the period within which we can recover.
The Economist said that, within a short period, the COVID-19 has had an impact on our economy. He mentioned the price of oil declining due to the Coronavirus Pandemic.
He stated that Gold prices have also increased, meanwhile this was a commodity the financial sector found consulate in hard times.
He called for the impact of the Coronavirus Pandemic on the financial sector to be looked into, in the medium term. “No country has even done trend analysis to determine the impact of COVID-19 in the next 10years,” Dr. Boateng mentioned.
He further added that deficits on budget and externally would be accumulated, hence the need for a strong stimulus package after COVID-19, saying “Some countries would take eighteen months to recover, while others would be more than that.”
AUTHOR: Agyei-Barimah Yaw