Dr. George Domfeh, a development economist and senior research fellow at the University of Ghana has predicted that the country might face a lot of hardships if Covid- 19 does not stop.
The Covid-19 has seen many economies come to a halt and a lot of countries under lockdown as part of measures to prevent the spread of the virus which has claimed many lives.
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China, the second-largest economy in the world which has been the worst-hit country with a lot of recorded cases of death would impact its economy which according to the economist will affect many countries in the world especially Ghana.
The United States has also been affected by the Covid-19 which will also affect importers.
Speaking on the economic impact of the Covid-19 virus on the economy of Ghana on Epa Hoa Da ben on Happy 98.9 FM he said, “China is the second-largest economy in the world and as such a lot of countries have trade with them. At this point, the virus has also affected the United States”.
“Our interaction with China is high. We trade with them. But with this sickness, we cannot bring goods from China. And that can increase the prices of products”.
“Export is very essential for Ghana. We export a lot of things to China but now it is not possible”.
“If the sickness continues, we will face a lot of hardship”, he indicated.
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He further stated that Ghana’s oil sector will be affected due to the reduction of oil prices on the global market.
“We made our budget in September. The crude oil at that time was 62 dollars.
“We had hope that we will make a profit from the oil we produce. But as I speak to you now that can’t happen because the price has reduced to 43 dollars. That has affected the oil marketing economy.
By Herbert Boakye Yiadom
