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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Easing of COVID-19 restrictions critical for economic recovery – Adu Sarkodie

byMichael Ogbodu
August 6, 2020
in Local Economy, Top Stories
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Economist, Dr. Adu Owusu Sarkodie, says the Ghanaian economy should be picking up gradually as government continues to ease COVID-19 induced restrictions.

Dr. Sarkodie is hopeful economic activities will fully bounce back as some businesses are permitted to start operations. He however maintains the need for government to spend in critical areas of the economy to reduce the negative impact of COVID-19 on the vulnerable.

Government as part of efforts to mitigate the spread of the coronavirus pandemic instituted a number of restrictions across the country.

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In March, Accra, Tema, Kasoa and Kumasi, were put under a partial lockdown for a three-week period  as a measure of controlling the spread of COVID-19.

The move subsequently affected many businesses as they were forced to close down. Even though the restrictions have been eased, many businesses are still struggling as recent reports by the Ghana Statistical Service show that over 70 percent of micro businesses folded permanently and temporarily during the partial lockdown.

Economist, Dr. Adu Sarkodie, told Citi Business News he is optimistic the gradual easing of the restrictions will revive economic activities gradually.

“Once we’re able to go back to church, once the number of congregations have been increased you expect more inflows for the church secretary for them to pay the pastors and other church workers. And also, I’m sure some churches were at the verge of doing some projects, maybe church buildings or school buildings”.

“Whatever investment projects they were doing, now they can continue with those things so it’s a very good idea for us. Now there’s the open-air bar then we have the visiting of tourist sites, these are all good for the Ghanaian economy so the strategy is excellent. We are fighting both the pandemic and economic crisis.”

Economist Dr. Lord Mensah on the other hand believes the easing of the restrictions could have come earlier.

“The easing of the system for me is even too late…If you look at the COVID-19 and its impact on our economy, I don’t think decision makers have even given us that room to believe that COVID-19 is impacting on our economy. If you take the budget that was read and then the review that came up recently, clearly with the projections they’ve done, for the next half of the year, it gives you the signal that probably COVID-19 is not having an impact on our economy”, he said.

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