Ghana goes through its first GDP contraction in 37 years

Due to Covid-19, Ghana had negative effects on its economy as it contracted by 3.2% year-on-year in the second quarter, the first since 1983 according to the National Statistical Service (GSS). Samuel Kobina Annim, head of statistics, said this has happened for the first time in 37 years, between the months of April and June 2020.

Ghana has almost escaped the virus, with more than 45,000 cases and 294 deaths, but still for three weeks in March a lockdown was imposed in certain parts of the country. Although all restrictions were lifted, many companies remained closed for a time, according to Mr. Kobina Annim, which has had an impact on the country’s economy.

He also commented that it could be possible that there would be growth again in an economy that had not decreased in annual GDP since 1983. At that time there was a contraction of 6.2%, according to figures from the International Monetary Fund.

This country continues to be characterized by being totally stable and continues to be one of the main exporters of gold, oil and cocoa.