The COVID-19 pandemic in Ghana caused an economic shock that resulted in income reductions for over 770,000 workers, reduced working hours for over 700,000 workers, and layoffs for over 42,000 workers. Small and Medium Enterprises (SMEs) account for more than 90% of all industries in Ghana and contribute more than 70% of the country's GDP. With 46 percent of the country's companies run by women, Ghana has the highest percentage of women-owned businesses in the world.
Furthermore, in Sub-Saharan Africa, Ghana has the highest rates of youth unemployment (12%) and underemployment (50%) than any other nation.
Under the Coronavirus Alleviation Program, the Ghanaian government has implemented a number of measures to combat the COVID-19 epidemic (CAP). The government has provided SMEs with loans that have a one-year moratorium and a two-year maturity term, thanks to a partnership with the National Board of Small Scale Industries (NBSSI).A network of civil society organizations based on communities in Accra, Kasoa, Tema, and Kumasi distributes dry or frozen food packets and hot meals to over 400,000 families and individuals as part of the CAP.
The Bank of Ghana collaborated with local banks and telecommunications firms to make all digital payments under GH100 free, raise regular transaction limits, and make onboarding to the Minimum Know Your Customer Account to check client identity easier. Aside from the unavoidable effect of global Covid-19 disturbances on Ghana, the government's reaction to the outbreak, which includes the closing of all borders and partial lockout of selected regions, is also having an economic impact.
The following are some of the economic effects of Covid-19 in Ghana. Border closures and a general downturn of tourism and demand for international travel have had a negative effect on the hospitality sector, Covid-19's mixed effects on commodity prices, as well as trade volume decline, are expected to result in a net revenue loss for the government, Economic supply chain volatility causes a drop in trade volumes and prices. Due to uncertainty, foreign direct investment (FDI) flows to Ghana have decreased. Solutions could be,
To combat the growing youth unemployment rate, policymakers should propose unconditional cash transfers, structural labor market investments, remote soft skills training, and vocational training since the period caused loss of jobs and other incomes .
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