As Ghana continues to face the challenges brought on by the COVID-19 pandemic, the latest Citi Business News has highlighted several developments in the country’s economy. From new investments to government policies, here are some of the most important updates you need to know about.
Investments Boosting Economic Growth
According to the latest Citi Business News, Ghana’s economic growth is being driven by significant investments in various sectors of the economy. The telecommunications industry, for instance, has seen a boost in foreign investment, leading to increased competition among telecom companies and improved services for consumers.
Agriculture is also a key industry that has attracted significant investments in recent months. The government’s flagship initiative, Planting for Food and Jobs (PFJ), has generated over 15,000 jobs for people in the sector, resulting in an increase in the production of food crops such as maize and rice.
Government Policies and the Economy
The Ghanaian government has been taking steps to tackle the effects of the COVID-19 pandemic by implementing policies aimed at stimulating economic growth. One such policy is the establishment of a GH₵100 billion Development Bank to provide long-term funding for businesses in various sectors.
Another policy that has been implemented is the 2021 Budget Statement and Economic Policy, which has an estimated expenditure of GH₵113.75 billion. The budget focuses on developing the country’s infrastructure, increasing production in agriculture, and promoting industrialization, among other things.
Impact of the Pandemic on the Economy
Despite the efforts of the government and other stakeholders, the COVID-19 pandemic has had a significant impact on Ghana’s economy. According to the Ghana Statistical Service, the country’s GDP growth rate slowed down to 0.9% in 2020, compared to 6.5% in 2019.
The effects of the pandemic have been particularly felt in the tourism and hospitality industry, with hotels, airlines, and other businesses experiencing a significant decline in revenue. However, the government has promised to continue its efforts to revive the sector and attract more visitors to the country.
Conclusion
In conclusion, the latest Citi Business News shows that Ghana’s economy is continuing to evolve, with investments and government policies driving growth in various sectors. However, the impact of the COVID-19 pandemic has also been significant, requiring stakeholders to work together to mitigate its effects. As we move forward, it is essential to stay informed about the latest developments in Ghana’s economy to adapt and make informed decisions.
