Impact Of COVID-19 On The Economy Of Ghana

 Lost of oil revenue as the global crude oil prices continue to tumble.

 As a net importer of basic food and services from China, shortages are likely to hit the country harder, ie. Food availability and food security.

 Sharp decline in remittances as countries especially the US and Europe has lockdown all it cities and these are the countries where Ghana receives volumes of huge remittances from.

 Huge decline in patronage of tourist sites and this would continue to adversely impact tourism revenues of the country.

 Disruption of consumer goods and services and decline in patronage of hospitalities, ie hotels, entertainment, rentals and restaurants.

 Education would be impacted as our schools do not have the setup and equipment’s to rollout virtual teaching especially the basic schools, senior high and even some of the universities.

 Government tax revenue will have a huge hair cut as economic activities have been halted.

 Infrastructure developments will completely come to a halt as human movement have been halted

 Market women,kayayes,street hockers,spare parts dealers, and all other petty traders will continue to loose income as human movement have been halted.

 Private sector workers and some government workers would continue to loose salaries as institutions, companies and entities may not be able to pay them for no work done.

 Banks would begin to see huge default rates on their loans and advances especially from June through to the end of the year due to disruptions in trade activities and supply chain.

Government would loose in excess of Ghs 20 billion in tax revenue this year due to COVID-19 and disruption in economic activities.

Religion has been affected as members are unable to gather together. Their contributions are sent to banks which are not coming through again.

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#COVID-19SHALLPASS

JJ. Afolabi
Finance and Economic Expert