Business News of Thursday, 17 December 2020Source: www.ghanaweb.comCoronavirus pandemic rails Ghana’s economy into a recessionThis means an economic recession which breaks a 37-year long growth cycleGhana’s economy has, for the first time in nearly four decades, experienced a recession for consecutively two quarters of 2020. According to provisional GDP figures by the Ghana Statistical Service (GSS), the economy suffered a contraction as a result of the adverse impact of the coronavirus pandemic and its associated effect on growth. This meant an economic recession which broke a 37-year long growth cycle. The GSS on its part explained the third quarter contraction is also accredited to the novel coronavirus pandemic's impact on some key growth sectors. The last time Ghana’s economy suffered a recession was in the year 1983 which was at the time largely characterised by political instability, famine and economic unrests.

Source: GhanaWeb December 17, 2020 08:26 UTC