- Ghana's president, Nana Akufo-Addo, has expressed fears about a possible drop in the country's growth rate
- He stated that a Bank of Ghana report shows the growth rate could fall from the current 7% to 2.5% by the end of 2020
- The drop, he explained, is a likely event if the coronavirus remains a challenge till the end of the year
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President Akufo-Addo has revealed that the effect of the coronavirus could lead to a fall in Ghana’s growth rate from 7% to 2.5%.
This, he said, would become possible if the current situation continues till the end of the year.
He, however, gave Ghanaians the assurance that efforts would be made to ensure that the economy would be stabilised to protect the interest of the nation.
READ ALSO: IMF to give Ghana $500 million to battle coronavirus at 0% interest rate
Per a report by citibusinessnews.com, the Bank of Ghana has predicted the country could experience its worst GDP growth rate ever if the coronavirus continues to linger for the rest of 2020.
Akufo-Addo went on to say that “we know what to do to bring our economy back to life. What we do not know how to do is to bring people back to life.”
The president indicated that the government inherited an economy that was growing at 3.4% and grew it by an average of 7% over the last three years.
Meanwhile, an international rating agency, Fitch, has predicted that Ghana’s growth rate is likely to fall from 6.5% to 6.2%.
The 0.3% fall in the growth rate has been attributed to the effects of the coronavirus on the economy.
Fitch explained that it, therefore, expects the real Gross Domestic Product (GDP) to also expand by 6.2%.
Fitch’s analysed the impact of the coronavirus on sub-Saharan economies and concluded that Africa’s oil producers countries could record reduced growths and export earnings.
READ ALSO: COVID-19: Ken Ofori-Atta reveals Ghana would seek support from IMF and World Bank
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