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COVID-19 Pandemic and Ghana’s Economy: A Deep Dive into Economic Indicators

Author

Listed:
  • Williams Kwasi Peprah

    (Department of Accounting, Economics and Finance, School of Business Administration, Andrews University, Michigan, USA)

  • Isaac Anowuo

    (Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana)

  • Ebenezer Owusu-Yeboah

    (School of Business, Valley View University, Accra, Ghana)

  • Daniel Adofo Kwakye Ameyaw

    (Meridian Ghana Conference of Seventh-day Adventists, Ghana)

  • Lucile Sabas

    (Department of Accounting, Economics and Finance, School of Business Administration, Andrews University, Michigan, USA)

Abstract

The study presents an in-depth analysis of the COVID-19 pandemic’s effect on Ghana’s gross domestic product (GDP), balance of payments and international investment position (BPM6), and inflation (INFL). Employing a pre-and post-COVID-19 comparison (2017-2022) through repeated measures ANOVA and tests of between-subject effects, it investigates whether the government’s economic performance was significantly impacted. Key findings show a notable decrease in GDP and BPM6, alongside a major increase in inflation rates post-pandemic. The study concludes that the COVID-19 pandemic had a statistically significant impact on Ghana’s economic performance in terms of GDP and BPM6, but not inflation. Recommendations include implementing economic stabilization policies, managing the balance of payments, controlling inflation, and focusing on sustainable growth. These insights are crucial for policymakers and stakeholders in navigating Ghana’s post-COVID-19 economic situation.

Suggested Citation

  • Williams Kwasi Peprah & Isaac Anowuo & Ebenezer Owusu-Yeboah & Daniel Adofo Kwakye Ameyaw & Lucile Sabas, 2024. "COVID-19 Pandemic and Ghana’s Economy: A Deep Dive into Economic Indicators," International Journal of Economics and Financial Issues, Econjournals, vol. 14(6), pages 145-152, October.
    • Handle: RePEc:eco:journ1:2024-06-16
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    More about this item

    Keywords

    COVID-19 Pandemic; Gross Domestic Product; Balance of Payments and International Investment Position; Inflation; Ghana;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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