The First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, has said measures put in place by Government to mitigate the adverse effects of the Covid-19 pandemic on the economy, has cost the country 4 per cent of its Gross Domestic Product (GDP).
The Deputy Governor made the disclosure during a speech at the launch of the Ghana CARES Guarantee Scheme aimed at supporting businesses affected by the global pandemic.
In monetary terms, the 4 per cent translates into a little over Ghs 15.6 billion ($2.7 billion).
“In our estimation, measures extended by Government so far is around 4 percent of GDP,” he stated, citing both monetary and fiscal policies implemented by the Central Bank and Finance Ministry in the wake of the pandemic.
The measures as he pointed out in his speech include:
Speaking further, he noted that despite the modest achievements of Government in handling the adverse effects of the pandemic as well as the positive outlook for the remaining quarter of the year, general performance of the economy remained below pre-Covid levels with some overhead fiscal risks.
Meanwhile, despite being hit hard by the pandemic, Ghana has been projected by the IMF and Fitch Solutions to experience growth rate of 0.9 per cent and 1.3 per cent of GDP respectively, for the remaining quarter of 2020, making Ghana an outperformer on the continent.
The growth rate as explained by the IMF and Fitch Solutions comes on the back of expected significant increment in economic activities.