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

Author

Listed:
  • Yeboah, Samuel

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.

Suggested Citation

  • Yeboah, Samuel, 2023. "Unmasking the Storm: An In-Depth Analysis of Covid-19's Economic Ripple Effect on Ghana," MPRA Paper 117563, University Library of Munich, Germany, revised 18 Apr 2023.
    • Handle: RePEc:pra:mprapa:117563
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    References listed on IDEAS

    as
    1. Charles Komla Adjasi & Charles Amo Yartey, 2007. "Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges," IMF Working Papers 2007/209, International Monetary Fund.
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    More about this item

    Keywords

    COVID-19; Pandemic; Ghanaian economy; Economic impact;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F15 - International Economics - - Trade - - - Economic Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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