Socio-economic impact of COVID-19 on Ghana’s economy: challenges and prospects
Date
2021
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
International Journal of Social Economics
Abstract
Purpose – The world’s economies are on their knees following the negative impact of the coronavirus
pandemic over the past 8 months. Growing number of researches has been conducted on the impact of COVID 19 pandemic on developed countries with little attention on developing countries, who are still grappling with
the negative impact of the coronavirus. The rationale for this study is to assess the socio-economic impact of
COVID-19 on Ghana’s economy and government response to the pandemic as well as policy options to revive
the ailing economy.
Design/methodology/approach – This study explored the socio-economic impact of the coronavirus on
Ghana’s economy using a discourse analysis with data from various secondary sources to analyze the impact of
the pandemic from the Ghanaian perspective.
Findings – The findings from the discourse analysis revealed that the coronavirus pandemic has negatively
impacted on the socio-economic situation of the citizens of Ghana. Whiles an estimated 42,000 people lost their
jobs in the first two months of the pandemic in Ghana, tourist attraction sector of the country alone lost $171
million dollars in the past three months due to the partial lockdown and closure of tourism and hospitality
centers in the country. The study revealed that Ghana’s healthcare system has been overwhelmed by the
number of increasing cases in the country to extent of making use of temporary structures as isolation and
treatment centers of the pandemic. The study revealed that Ghana may convert these challenges posed by the
COVID-19 pandemic into prospects and opportunities by investing massively in the health sector and creating
support for the SMEs which creates massive employment for many Ghanaians.
Research limitations/implications – This study focuses on the impact of the COVID-19 on Ghana’s
economy and how the pandemic has negatively affected the country. The study is an exploratory study that
makes use of secondary data. However, conducting a study with primary data sources from specific
communities or regions in the country may not produce the same results. The results from the primary level or
community level may be different from the general results obtained from the study. In future it is expected that
the study focuses specifically on the extent of the coronavirus pandemic on Ghana’s fiscal deficit which seems
to have ballooned in recent times.
Originality/value – The study is the first of its kind to extensively explore the socio-economic impact of the
COVID-19 pandemic on the Ghanaian economy. The novelty of this paper is that it recognizes governments
response to the pandemic and proposes three practical measures adopted to put the country’s economy back on
its feet through survive, revive and ensuring growth in all sectors of the economy.
Description
Research Article
Keywords
Ghana’s economy, Socio-economic impact, COVID-19, Government policy