Question

Question 1 The world has been hit by the outbreak of a viral disease in the latter part of 2019 named “novel Coronavirus disease 2019” (COVID-19). A lot of people in many countries have been infected leading to loss of many lives and hence necessitating a lockdown by many countries. This has also stalled economic activities globally. This viral outbreak has also been declared as a global pandemic by the World Health Organisation (WHO). Ghana however recorded its first case of the COVID-19 on March 12, 2020 and the number of confirmed cases keep increasing with few deaths. The president therefore thought it wise to declare a lockdown of some major parts of the country on March 30, 2020 with its attendant effects and he reopened it three weeks later. Required: a. What are the potential trickle down economic effects on the Ghanaian economy of the global impact caused by the deadly COVID-19 since no country is an island by itself? b. Discuss the potential economic impact of the COVID-19 on the economy of Ghana with reference to the following thematic areas: Gross Domestic Product; Inflation; Government Revenue; Budget Deficit; Debt level. c. What is your assessment of the feasibility and practicability of the fiscal and monetary measures that have been put in place by the government so far? d. By looking at the bright side, identify any three economic opportunities that COVID-19 presents to the Ghanaian economy. (Total = 30 marks)

Answer 1