President Akufo-Addo has stated that information from the Bank of Ghana indicates that the Ghanaian economy is recovering faster than initially anticipated.
In his 18th update to the nation since the start of the pandemic in the country, he revealed that consumer confidence in the economy is currently above pre-lockdown levels.
“On the economic front, according to the Bank of Ghana, the Ghanaian economy is recovering faster than initially anticipated. Consumer confidence is bouncing back strongly, and is today above pre-lockdown levels”, President Akufo-Addo reiterated.
He also added that improving macroeconomic conditions, exchange rate stability among others have boosted business confidence in the country.
“Business confidence has increased, reflecting the improving macroeconomic conditions, stability in the exchange rate, lower input prices, moderation in lending rates, and positive industry prospects,” he said.
In addition to that, “consumer spending, industrial consumption of electricity, and construction activities have all reached pre-lockdown levels, whilst tourist arrivals and port harbour activity are gradually edging upwards”.
Ghana, like other nations, has experienced economic challenges due to the Covid-19 pandemic.
In March this year, President Akufo-Addo announced a lockdown as part of measures to reduce the spread of the pandemic, bringing trade and economic activities in the country to a standstill.
Also, the borders of the country including land, sea and air, were shut following the outbreak of the pandemic in the country.
This largely affected international trade which mainly contributes to the growth of various economies, as there were no imports and exports.
However, the President introduced economic recovery packages like the GH¢600m Coronavirus stimulus package for traders in the country, and as a result, “consumer confidence is bouncing back strongly, and is today above pre-lockdown levels”.
He further urged the public to maintain adherence to the Covid-19 safety protocols as it is the surest way to keep the virus in check and ensure full recovery of the economy.