• About us
  • Donate
  • WADR
  • Contact us
  • Live Stream
Monday, May 26, 2025
Loud Silence News
Advertisement
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
Loud Silence News
No Result
View All Result
Home Ghana News Ghana Business

Lifting Of Lockdown Will Save Our Economy From Recession – Prof.Quartey | Economy

Loud Silence Staff by Loud Silence Staff
April 21, 2020
in Ghana Business
0
Lifting Of Lockdown Will Save Our Economy From Recession – Prof.Quartey | Economy
4
SHARES
23
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

[ad_1]

The Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, says President Akufo-Addo’s decision to lift the ban on partial lockdown will save the Ghanaian economy from potential recession.

He noted that allowing businesses to re-open would eventually boost the economy, considering the fact that the informal sector made up 80 per cent of the economy.

You might also like

Cedi loses value for about 25.8% against the Dollar – BoG report

High taxes crippling our businesses – Ghana Hotels Association cries

No More Talks, when fuel prices increase we will also increase fares – Commercial drivers

Prof Quartey, reacting to the lifting of restrictions on movement at COVID-19 hotspots in an interview with the Ghana News Agency on Monday, expressed optimism that the Ghanaian economy would turnaround in 2021 in view of the prudent measures the Government had put in place to rejuvenate the private sector.

“I have expectation that we will stabilise the economy and experience some growth in 2021 to an appreciable level.”

“Though we might overrun our budget deficit this year and might have a debt to GDP ratio with unsustainable threshold…It’s not surprising because we are not in normal times,” Prof Quartey explained.

He, therefore, lauded Ghana’s Finance Minister, Mr Ken Ofori-Atta, and his South African counterpart for leading a debt relief for Africa.

Ghana would have a freeze in principal and interest payments amounting to 500 million dollars from the World Bank, which would create a fiscal space to aid the Ghanaian economy to be resilient.

Prof Quartey noted that locking down COVID-19 hotspots for three weeks saw a lot of businesses folding up, invariably reducing the economic output of the nation.

He noted that with happening at the global stage, most of the ports had been closed, therefore one cannot import goods easily, whilst importers cannot get raw materials as quickly as possible.

Additionally, the demand for certain products have gone down, the services industry like hotels and restaurants are operating at low levels, therefore a contraction of the economy is very likely.

Prof Quartey further explained that the country’s gross domestic product (GDP) might decline for two consecutive times, should the country fail to revamp the economy.

He said since Ghana was not immune to external shocks, President Akufo-Addo’s decision to lift the ban would save the economy from potential recession.

“We’re not immune from the global economy, therefore whatever happens in the global stage, we will have our fair share.”

“I think Ghana is well linked to the global economy because we export our products, we also import from China and other countries so whatever happens in those countries will certainly affect us,” Prof Quartey said.

He noted that a recession would occur where there were two consecutive GDP decline for two quarters within a year.

“I think for the next two quarters, our GDP is likely to decline and, therefore, we’re not immune to a recession, but I’m hoping we can turn things around from 2021,” Prof Quartey noted.

“This year, it’s more of trying to manage the COVID-19 pandemic, and curtail the spread and so we should do all the things that are necessary.”

He, however, was of the opinion that the joint police-military force should not have been withdrawn immediately to enforce the social distancing in commercial vehicles and the markets.



[ad_2]

This content first appear on peace fm online

Tags: AnnouncementsArticlesCrimeEconomyEDITORIALEducationFeaturesForeign NewshealthMeet The PressPEACE FM NEWSPress ReleaseReligionRumour MillScience & EnvironmentSocialSpeechestechnologyTourismtravel
Previous Post

Trump Exceptionalism – The New York Times

Next Post

MD Fraud Charge, Coronavirus Case Estimates

Loud Silence Staff

Loud Silence Staff

Related Posts

Cedi loses value for about 25.8% against the Dollar – BoG report
Ghana Business

Cedi loses value for about 25.8% against the Dollar – BoG report

by News Reporter
November 27, 2023
High taxes crippling our businesses – Ghana Hotels Association cries
Ghana Business

High taxes crippling our businesses – Ghana Hotels Association cries

by News Reporter
October 23, 2023
No More Talks, when fuel prices increase we will also increase fares – Commercial drivers
Ghana Business

No More Talks, when fuel prices increase we will also increase fares – Commercial drivers

by News Reporter
November 3, 2022
4More To Do More: Prices of coffins and caskets in Kumasi to increase from next week
Ghana Business

4More To Do More: Prices of coffins and caskets in Kumasi to increase from next week

by News Reporter
November 3, 2022
Ghana’s 2023 Budget To Delay Because Ofori Atta Gave wrong Figures to IMF
Ghana Business

Ghana’s 2023 Budget To Delay Because Ofori Atta Gave wrong Figures to IMF

by News Reporter
November 3, 2022
Next Post
Why Clinicians’ Spiritual Health Matters in the COVID-19 Crisis

MD Fraud Charge, Coronavirus Case Estimates

Recommended

American Congressman Hank Johnson calls Kennedy Agyapong a Liar for falsely claiming he Apologized to him over issues surrounding the gruesome Killing of Ahmed Suale

American Congressman Hank Johnson calls Kennedy Agyapong a Liar for falsely claiming he Apologized to him over issues surrounding the gruesome Killing of Ahmed Suale

September 2, 2021
Coronavirus pandemic: Updates from around the world

Coronavirus pandemic: Updates from around the world

May 4, 2020

Categories

  • African Business
  • African Education
  • African Health
  • African News
  • African Politics
  • African ShowBiz
  • Education
  • Ghana Business
  • Ghana News
  • Ghana ShowBiz
  • Ghana Sports
  • Human Interest Stories
  • News
  • Opinion
  • People
  • ShowBiz
  • Social Trends
  • US Business
  • US Education
  • US Health
  • US News
  • US Politics
  • US Showbiz
  • WADR
  • World Business
  • World News
  • World Politics
  • World Showbiz
  • World Sports

Don't miss it

The Deceptive Life of William Anarfi Sarpong – A Con Artist and Fraudster
Ghana News

Quack Dr. Wask, From Petty Criminal to Gold Fraudster – A Tale of Deception and Danger

March 15, 2025
The Deceptive Life of William Anarfi Sarpong – A Con Artist and Fraudster
Ghana News

The Deceptive Life of William Anarfi Sarpong – A Con Artist and Fraudster

March 14, 2025
The Deceptive Life of William Anarfi Sarpong – A Con Artist and Fraudster
News

The Deceptive Life of William Anarfi Sarpong – A Con Artist and Fraudster

March 14, 2025
NDC unveils campaign team for 2024 General Elections
Ghana News

NDC unveils campaign team for 2024 General Elections

June 19, 2024
A.G Godfred Dame has engaged me at odd hours to implicate Ato Forson – Richard Jakpa
Ghana News

A.G Godfred Dame has engaged me at odd hours to implicate Ato Forson – Richard Jakpa

May 23, 2024
Artiste Profile: Frank Cole aka Zyon Ovkin
Ghana ShowBiz

Artiste Profile: Frank Cole aka Zyon Ovkin

April 20, 2024

About Us

LOGO

Loud Silence Radio & TV Network and is a multi media production company focusing on Ghanaian and African news.

Contact

  • Alexandria, Virginia, USA
  • +1 212-602-9641
  • loudsilenceradio@gmail.com
Facebook Twitter Youtube Linkedin

Download App

google play store

© 2021 Loud Silence Media. All rights reserved.

  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
Menu
  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.