Prime News Ghana

COVID-19: Ghana's economy recovering faster than anticipated - Akufo-Addo

By Mutala Yakubu
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President Akufo-Addo says Ghana's economy is picking up faster after being hit by COVID-19.

The pandemic affected many global economies and Ghana was not sparred.

Several businesses have collapsed and have not been able to resume post lockdown.

READ ALSO: COVID-19: Akufo-Addo reveals how Ghana can avoid second wave of infection

The President says reports from the Bank of Ghana indicate that the Ghanaian economy is recovering faster and will soon be fully back on its feet.

"On the economic front, according to the Bank of Ghana, the Ghanaian economy is recovering faster than initially anticipated. Consumer confidence is bouncing back strongly and is today above the pre-lockdown levels. Business confidence has also increased, reflecting the improving macroeconomic conditions, stability in the exchange rate, lower input prices, moderation in lending rates and positive industry prospects. Consumer spending, industrial consumption of electricity and construction activities have all reached pre-locked levels, whilst tourist arrivals and port harbour activity are gradually edging upwards"

The President also announced Ghana's COVID-19 status.

"As at Friday, October 16, the number of active cases has declined further to 398, with 46,664 persons fully recovered from the virus, putting our recovery rate at 98.5%. Thirteen (13) more deaths have occurred bringing the total number of deaths, tragically to 310, out of the total number of 510,074 persons tested. The rate of death 0.5% continues to remain very low."

The President assured Ghanaians that the government will continue to work tirelessly to ensure citizens are protected from the deadly virus.