Coronavirus: Bank of Ghana fears the pandemic will collapse the economy’s growth to 2.5 per cent in 2020

March 19, 2020 8:54 AM

The Bank of Ghana has expressed fears that the pandemic Coronavirus disease (COVID-19) will collapse growth in the economy to 2.5 per cent in 2020.

Dr Ernest Addison, Bank of Ghana Governor

According to the central bank, the 2.5 per cent growth rate would be a "worst-case scenario" impact from the challenges of the disease on the local economy.

The Governor of the central bank, Dr Ernest Addison said this in a statement issued Wednesday, March 18, 2020.

He, however, noted that a preliminary baseline assessment of the impact of the disease showed that the economy could grow at five per cent this year as a result of the COVID-19.

In the 2020 budget, the economy was projected to grow at 6.8 per cent.

Dr Addison said the COVID scourge would result in shortfalls in imports, exports, taxes and foreign exchange, "which will culminate in a slowdown in economic activity."