Coronavirus: Impact on economy has been dire – President

President Nana Addo Dankwa Akufo-Addo, lauding Ghanaian workers for their contribution towards national socio-economic advancement over the years, Friday said the impact of COVID-19 on the national economy has been severe.

He has, therefore, directed the Ministry of Finance and Bank of Ghana to work together to design innovative policies to revive the economy.

The International Labour Organization (ILO) estimates that 2.7 billion workers would lose their jobs globally due to the lockdowns associated with the COVID-19 pandemic.

The growth of Ghana’s Gross Domestic Product (GDP) is also expected to tumble from seven per cent averagely to 2.5 per cent in the worst case scenario.

President Akufo-Addo, who was speaking at a virtual May Day celebration, organized by the Organised Labour and Ghana Broadcasting Corporation (GBC), nonetheless, expressed, gratitude to workers for their contributions and sacrifices towards the development of the country’s economy.

“The relationship between Government and Organized Labour has been cordial and of mutual respect since I became President,” President Akufo-Addo stated.

May Day, usually celebrated nationwide through parades by worker unions, was held virtually from the studios of the GBC in accordance with the social distancing and safety protocols to prevent the spread of the new Coronavirus.

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