Ghana’s economy continues to recover from Coronavirus – BoG

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People walk past the Bank of Ghana in Accra, Ghana. Photo by: REUTERS / Zohra Bensemra

Ghana’s economy continued to recover from the impact of the COVID-19 pandemic despite the third wave of the outbreak, said Ghana’s central bank Monday.

Addressing the media on the state of the economy, Ernest Addison, the governor of the Bank of Ghana, said the recovery was still slow.

“High-frequency economic indicators point to continued recovery in economic activity even though below pre-pandemic levels. Although consumer confidence picked up, weakening business sentiments, stemming from supply disruptions remained,” said Addison.

Due to these disruptions and risks they posed to growth, the central bank would maintain the COVID-19 related macro-prudential measures it had put in place to support a full recovery in economic activity, said the governor, adding that the risk to inflation was elevated as headline inflation increased sharply in July and August, driven mainly by sustained food price increases.

Ghana’s annual inflation rate stood at 7.8 percent in June. It spiked to 9 percent in July and further to 9.7 percent in August as food prices surged. Enditem

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