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President Akufo-Addo has stated that information from the Bank of Ghana indicates that the Ghanaian economy is recovering faster than initially anticipated.
In its eighteenth update to the nation since the start of the pandemic in the country, it revealed that consumer confidence in the economy is currently above pre-shutdown levels.
“On the economic front, according to the Bank of Ghana, the Ghanaian economy is recovering faster than initially anticipated. Consumer confidence is rebounding strongly and is above pre-close levels today. “
He also added that the improvement in macroeconomic conditions, the stability of the exchange rate, among others, have boosted business confidence in the country.
“Business confidence has increased, reflecting improved macroeconomic conditions, exchange rate stability, lower input prices, moderation in interest rates and positive industry outlook,” he said. .
On top of that, “consumer spending, industrial electricity consumption and construction activities have reached pre-closure levels, while tourist arrivals and port activity are gradually increasing.”
Ghana, like other nations, has experienced economic challenges due to the Covid-19 pandemic.
In March this year, President Akufo-Addo announced a shutdown as part of measures to reduce the spread of the pandemic, paralyzing the country’s commercial and economic activities.
Furthermore, the country’s borders (that is, land, sea and air) were closed after the outbreak of the pandemic in the country.
This greatly affected international trade, which mainly contributes to the growth of several economies, as there were no imports or exports.
However, the president introduced economic recovery packages such as the GH ¢ 600m coronavirus stimulus package for merchants in the country and as a result, “consumer confidence is recovering strongly and today is above the levels prior to lockdown “.
In addition, he urged the public to maintain compliance with the Covid-19 security protocols, as it is the safest way to keep the virus under control and ensure the full recovery of the economy.
