COVID-19: The economy will take three years to recover and stabilize – Ken Ofori Atta

The world never expected to be at a standstill because of the Novel Coronavirus and its consequences on economies, privacies, relationship and so forth.

According to the Finance Minister, Ken Ofori-Atta, Ghana’s economy will take three years to recover from the impact of the COVID-19 pandemic.

The Minister in an article published in the Financial Times said: “A U-shaped recovery is touted, but ours will likely be a steep drop, then a two- to three-year downward slide before a recovery; a trapezoid-shaped recovery!.”

According to him, debt aid by lenders such as the World Bank and International Monetary Fund (IMF) is imperative for any recovery programme.

The Finance Minister’s recovery timeframe follows a similar projection by Osei Kyei-Mensah-Bonsu, Majority Leader in Ghana’s 275-member legislature, that the impact of COVID-19 on the economy “will take about two years to address.”