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- Create Date December 8, 2023
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Ghana’s economy has had a mixed recovery from the global shocks caused by the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022. The Bank of Ghana (BoG) has an explicit inflation target band of 6-10% around the medium-term targeted rate of 8%. The Government of Ghana has followed procyclical fiscal policy by reducing government spending during economic downturn and increasing public spending during economic recovery. Ghana’s external sector was not severely affected by the COVID-19 pandemic in 2020 but has not benefited from the higher commodity prices in the aftermath of the Russia-Ukraine conflict in 2022. Ghana is scheduled to hold its general elections in 2024. Ghana remains remained relatively stable, despite ongoing economic challenges and rising public discontent. Read more accurate and balanced analysis of the political economy in Ghana here: https://politicaleconomy.org.za/2023/12/pesa-editorial-on-ghana-1h2023-24/.
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