COVID-19: Ghana’s economy has been in recession since March 2020 - Bank of Ghana
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COVID-19: Ghana’s economy has been in recession since March 2020 - Bank of Ghana

- The Bank of Ghana has revealed that the country's economy began to experience a slump after March 2020

- It explained that this was because the government began to commit resources to combat COVID-19 at that time

- The Central Bank added that Ghana is likely to end 2020 with a growth rate between 2% and 2.5%

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The latest report released by the Bank of Ghana shows that the economy has been in recession since March 2020.

March 2020 was when the government began to actively take steps to combat the spread of the coronavirus.

The Central Bank reported that the economy contracted by 2.2% in March 2020, compared to a growth of 5.6% for the same period in 2019.

READ ALSO: Monetary Policy Rate remains at 14.5% despite increased inflation

Per a report by citibusinessnews.com, Ghana’s growth rate in 2020 is likely to be between 2% and 2.5%.

According to the Governor of the Bank of Ghana, Dr. Ernest Addison, “leading indicators of economic activity during the first quarter of the year suggests some slowdown, reflecting the restrictions, social distancing, and the partial lock-down measures introduced by the government in the middle of March.”

YEN.com.gh understands that retail prices increased in March 2020 as a result of the panic buying which preceded the partial lockdown.

Meanwhile, the Minister of Finance, Ken Ofori-Atta, has revealed that it was impossible for the partial lockdown recently imposed on two regions in Ghana to go beyond three weeks.

He explained that Ghana’s largely informal economy would have been severely hit if the lockdown had been further extended.

On March 27, 2020, President Akufo-Addo announced the imposition of a partial lockdown on Greater Accra and parts of the Ashanti Regions.

READ ALSO: Debt stock increased by GHC16.9 billion in Q1 2020 - Bank of Ghana

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Source: Yen

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