Business & Economy

The novel coronavirus pandemic is destroying citizens across our world. No doubt, Ghanaians should be deeply concerned by the threat and the consequences of the pandemic for the lives of all people, and especially the people of this country, if it is allowed to get out of hand. The coronavirus shutdowns worldwide over the past two weeks have brought some countries to a halt. None of us has ever seen so much global economic activity vaporise so quickly – within days or even hours.

The Bank of Ghana (BoG) has reduced its benchmark policy rate by 150 basis points as its first response to the strain that the new coronavirus disease (COVID-19) is imposing on Ghana’s economy.

Background

History has it that, even before Dr Kwame Nkrumah’s declaration of independence from the British colonial powers on 6 March 1957, the Gold Coast, now Ghana, had laid a solid foundation for economic/social take-off and smooth governance. Now, there was an urgent need to establish a central bank to, as it were, give “true meaning” to political independence.

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