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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

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    Sign Real Estate Authority Bill into law – Construction Chamber urges Akufo-Addo

    Ministry of Aviation rejects decision by British Airways to move flights to London Gatwick Airport

    Implementation date for demanding IDs from MoMo customers extended to April 1

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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

    FBNBank increasing access to affordable financial inclusion with agent banking [Article]

    Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety

    Retailers of school uniforms cash in on mad rush for uniforms [Video]

    Stationery retailers enjoying gradual sales boom following schools reopening [Video]

    AGI troubled with rising COVID-19 cases and implications on demand of goods

    Lending rates won’t go down any time soon – Economist

    Business gradually booming for traders at University of Ghana as schools reopen [Video]

    Government must appoint only qualified persons to energy sector boards – COPEC

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    Huawei Watch Fit; The perfect smartwatch for everyone

    A close look at the Huawei FreeBuds 3; World’s 1st open-fit active noise-cancellation earphone

    Ashigbey urges government to revise telecoms industry laws to boost growth

    Blend tech with fashion with the new Huawei Watch Fit

    Kick back and enjoy immersive entertainment for the whole family with the MatePad T 10s

    Cost of political adverts on social media to rise by 200% in next election – Maximus

    Huawei announces global release schedule of EMUI 11 update

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    LNG-to-power project to reduce cost of electricity in Ghana – Energy Consultant

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    Be proactive to benefit from AfCFTA – AfroChampions urges businesses in Ghana

    GUTA to commence cross-border trading with Nigeria

    Stakeholders charged to eliminate barriers likely to impede success of AfCFTA

    Ghana can benefit from ‎AfCFTA with hemp production – Business consultant 

    GUTA welcomes Nigeria’s decision to reopen its land borders

    C40 Regional Director for Africa, Mr Hastings Chikoko

    Accra and world’s major cities on track to keep global heating to 1.5°C – Report

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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

    Ghana Hotels Association calls for more attention for local tourism amid COVID-19

    Sign Real Estate Authority Bill into law – Construction Chamber urges Akufo-Addo

    Ministry of Aviation rejects decision by British Airways to move flights to London Gatwick Airport

    Implementation date for demanding IDs from MoMo customers extended to April 1

    Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety

    Retailers of school uniforms cash in on mad rush for uniforms [Video]

    Stationery retailers enjoying gradual sales boom following schools reopening [Video]

    Focus on nuclear energy to reduce cost of electricity – AGI to government

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    GNCCI calls for stimulus packages for local businesses involved in AfCFTA

    FBNBank increasing access to affordable financial inclusion with agent banking [Article]

    Companies must help curb spread of COVID-19 amongst employees – Bureau of Public Safety

    Retailers of school uniforms cash in on mad rush for uniforms [Video]

    Stationery retailers enjoying gradual sales boom following schools reopening [Video]

    AGI troubled with rising COVID-19 cases and implications on demand of goods

    Lending rates won’t go down any time soon – Economist

    Business gradually booming for traders at University of Ghana as schools reopen [Video]

    Government must appoint only qualified persons to energy sector boards – COPEC

  • TECHNOLOGY

    Huawei Watch Fit; The perfect smartwatch for everyone

    A close look at the Huawei FreeBuds 3; World’s 1st open-fit active noise-cancellation earphone

    Ashigbey urges government to revise telecoms industry laws to boost growth

    Blend tech with fashion with the new Huawei Watch Fit

    Kick back and enjoy immersive entertainment for the whole family with the MatePad T 10s

    Cost of political adverts on social media to rise by 200% in next election – Maximus

    Huawei announces global release schedule of EMUI 11 update

    Experience powerful all-round performance with the New Huawei Y8s

    Hyundai launches first ever electric car in Ghana

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    LNG-to-power project to reduce cost of electricity in Ghana – Energy Consultant

    World Bank plans to invest over US$5 billion in drylands in Africa

    Be proactive to benefit from AfCFTA – AfroChampions urges businesses in Ghana

    GUTA to commence cross-border trading with Nigeria

    Stakeholders charged to eliminate barriers likely to impede success of AfCFTA

    Ghana can benefit from ‎AfCFTA with hemp production – Business consultant 

    GUTA welcomes Nigeria’s decision to reopen its land borders

    C40 Regional Director for Africa, Mr Hastings Chikoko

    Accra and world’s major cities on track to keep global heating to 1.5°C – Report

    Nigeria to re-open land borders soon – President Buhari hints

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We need a people-centered and sustainable recovery post COVID – BoG Governor

by Bobbie Osei
October 16, 2020
in Africa, Banking And Finance, Top Stories
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The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis.

In a virtual address to Governors at the IMF-World Bank annual meeting earlier on Thursday October 15, 2020, Dr. Ernest Addison said the world needs a post COVID-19 recovery plan that is people-centered and fair.

The Coronavirus pandemic, according to the IMF, will see global economic growth drop by negative 4.4 percent, and also reduce global output by 11 trillion by 2021.

Growth in Sub-Saharan Africa is however predicted to fall to -3.3 percent in 2020, pushing the region into its first recession in 25 years, while driving up to 40 million people on the continent into extreme poverty this year, erasing at least five years of progress in fighting poverty.

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While addressing governors of IMF and World Bank member-countries as part of the annual meeting of the Bretton Woods Institutions, Governor of the Bank of Ghana, and Chairman of the Board of Governors of the two institutions, Dr. Ernest Addison, said any recovery plan that is not people centered, sustainable and fair, would only lead to years of poverty reduction and economic progress being reversed especially for emerging and the poorest economies.

“We are facing the prospect of years of poverty reduction and economic progress being reversed by the pandemic. The shock waves from the COVID-19 crisis could lead to a lost decade for the world’s poorest countries unless they receive urgent help and financial assistance. Fellow Governors, the time to act is now. We need to enact policies that protect recent hard-won human capital gains and prevent long-term damage to the poorer and vulnerable segments of our societies. We also need continued support from the international community to avoid this health crisis becoming a humanitarian crisis.”

“As we move out of firefighting mode, we should think about the type of post-COVID world we want to shape. We need a recovery that is people-centred, sustainable, and fair. The COVID-19 pandemic has taught us that a virus knows no borders – we are all in this together, and the global financial safety net is only as strong as its weakest link,” the Governor added.

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