COVID-19: EIU congratulates gov’t over banking cleanup exercise and 1D1F programme
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COVID-19: EIU congratulates gov’t over banking cleanup exercise and 1D1F programme

- The Economist Intelligence Unit (EIU) has endorsed measures such as the banking cleanup and the One District One Factory (1D1F) initiative of the government

- It added that these would go a long way to grow the economy, which has been hit by the coronavirus

- The EIU noted that reelection of President Akufo-Addo would grow Ghana's industrialisation programme

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The Economist Intelligence Unit (EIU) has applauded the government over its banking cleanup exercise and its One District One Factory (1D1F) programme.

According to the EIU, these measures would strengthen the Ghanaian economy, which has been recently affected by the outbreak of the coronavirus.

EIU’s latest country report also noted that the measures would help boost growth in the non-oil sector.

READ ALSO: Group Nduom releases statement; says government can clear all debts

A Ghana Web report, however, quoted the EIU as saying that it expects the cost of capital to remain constant.

In the opinion of the EIU, the reelection of President Akufo-Addo could lead to a boost in industrialization which would strengthen the economy.

COVID-19: EIU congratulates gov’t over banking cleanup exercise and 1D1F programme

President Nana Akufo-Addo Source: bbc.com
Source: UGC

On the general outlook of the Ghanaian economy post Coronavirus, the EIU made a positive, predicting positive real GDP growth in 2021, a slower pace of depreciation, lower inflation among other positive forecasts.

In an earlier report, EIU revealed that Ghana’s economy is likely to contract by 1% in 2020.

YEN.com.gh understands that this contradicts the 1.5% Gross Domestic Product (GDP) growth rate announced by the government and confirmed by the International Monetary Fund (IMF) and the World Bank.

It is also in contradiction with the 2% growth rate predicted by Fitch, an international rating agency.

READ ALSO: Bank of Ghana to spend 72 hours evaluating the economy

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Source: Yen.com.gh

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