Coronavirus: BoG projects 4.3% decline in GDP growth over Coronavirus

An assessment of the adverse economic impact of the novel coronavirus on the Ghanaian economy has been made by Bank of Ghana (BoG).

The global pandemic which has already affected Ghana’s economy by way of halving the country’s crude oil revenue projection for 2020, according to the Central Bank, is expected to further affect the economy through a number of channels.  

Exports, imports, taxes, foreign direct investments and foreign exchange receipts, all expected to be affected by COVID-19 will culminate in the slowdown of economic activity.

BoG, per its assessment, forecasts a Gross Domestic Product (GDP) growth decline to 5.0 per cent from a 6.8 per cent in a baseline scenario, and a further decline to 2.5 per cent in a worst case scenario.

The assessment according to BoG are however, preliminary as the uncertainty concerning the outbreak is high, hence the assessment is likely to change.

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