22 April 2020; COVID-19 Economic Updates, Ghana’s Coronavirus cases at 1,154 with 120 recoveries
- It may take up to three years for the economy to recover from the impact of the coronavirus (COVID-19) pandemic, Finance Minister Ken Ofori-Atta has said, urging that debt aid by lenders such as the World Bank and International Monetary Fund (IMF) is imperative for any recovery programme.
- The Secretary-General of the TUC, Dr. Yaw Baah, has said the restriction on the movement of people in the Greater Accra Metropolitan Area, Tema, Kasoa and the Kumasi Metropolitan Area due to the coronavirus pandemic has caused a lot of jobs losses in the country.
- Some parts of Ghana could return to a lockdown “whenever the situation so warrants,” President Nana Addo Dankwa Akufo Addo has said.
- Presidential Advisor on Health, Dr Anthony Nsiah-Asare, says about 15,000 people may die from the deadly coronavirus based on a model generated by WHO for the infectious disease in Ghana. He also noted that out of the 10% of Ghanaians who are likely to contract the disease, a lot of the cases are likely to be asymptomatic. “We expect that about 10% of the population may be infected and out of the 10% of the population 80% may not show signs or symptoms at all and 5% of them will be very ill. That is the projection.
- A Global Health Expert, Dr John Amuasi, has warned that government’s decision to lift the three-week lockdown imposed on parts of the country might lead to an increase and faster spread of the Coronavirus pandemic in Ghana.
- There will be a three-day national prayer and fasting programme as part of efforts to battle the deadly COVID-19. This programme was put together by church leaders who are members of the Christian Council in the country and it will begin on Friday, April 24 and ends on Sunday, April 26.
- Director General of the Ghana Health Service, Dr. Patrick Kuma-Aboagye has disclosed that contact tracing of persons infected with the Coronavirus will not cease despite the lifting of restrictions on movement in the country.
- Council of State Chairman, Nana Otuo Siribue has said as government is trying to control the spread of the virus, a better alternative to the mass sharing of food as witnessed some weeks ago will be the free distribution of face masks across the length and breadth of the country.
- Paa Kwesi Anamuah Sakyi, Executive Director for the Institute of Energy Security (IES), has said oil producers in Ghana would have to shut down or they also have to be prepared to sell at a lower cost, due to the COVID-19.
- Minister for Information Kojo Oppong Nkrumah says the job of the security officers will see some changes in the coming days. There have been calls for the redeployment of security officers to ensure people put on nose mask and also practice social distancing. This was part of his COVID-19 economic update
- The Chamber of Petroleum Consumers is urging the Ghana government to consider helping the Bulk Oil Storage and Transportation (BOST) to get a good credit line or an open credit system in place immediately to stock oil for the country’s strategic reserves or stocking needs.
- Finance Minister Ken Ofori-Atta has told the International Monetary Fund (IMF) government is looking to suspend the statutory fiscal rule which requires that the budget deficit in any given year does not exceed 5 percent of GDP.
- Standard Chartered Bank Ghana Limited announced today that it is committing an initial GH¢1million to support emergency relief in aid of those affected by the COVID-19 pandemic in Ghana. This is in line with its brand promise to be ‘Here for good’, particularly in times of adversity.
- The Jaman North District in the Bono Region has reported one suspected case of coronavirus (COVID-19). The suspected patient is said to be a Ghanaian and resident of Sampa.
- A groom and his bride on Sunday afternoon fled and abandoned their wedding ceremony when they heard police patrol vehicles approaching the event grounds in Tamale with blaring sirens. They were given up to Sunday to report to the police but they have failed to do so.
- Over 50 persons were on Tuesday denied entry into the Accra City Hall for not wearing a face mask as part of measures to stop the spread of the Coronavirus.
- Huge gains have been made with the environment and climate following the global lockdown. UN Chief Antonio Gueterrz has advised countries to consolidate the gains made over this lockdown period.
- Germany: Small businesses have opened, books shops, smaller retailers among others have opened. They are all to wear masks.
- With 40,581 confirmed cases and 2,575 deaths, Brazil is facing the coronavirus crisis with a health system on the brink of collapse. They are considering turning stadiums into health facilities
- USA: Protests in various places to lift ban in the USA
- Japan: To soften the economic blow, the central government has launched a massive stimulus package worth 108 trillion Japanese yen (about $989 billion). Sex workers are eligible to apply for aid, under certain conditions
- Netflix has reported more paid subscribers than expected in the first quarter, as global lockdowns to curb the spread of the novel coronavirus forced people to stay at home and watch shows online including its wildly popular “Tiger King.” Shares of the streaming giant, which have surged about 35% this year, were up 4% in trading after the bell. Some analysts, however, believed that subscriptions of streaming services would be among the first household discretionary items to be cut by people amid a wave of layoffs and fears of an economic recession because of the pandemic. They are about to raise $1billion to fund new shows
- Businesses to make more of their scenario planning risk management after COVID-19 outbreak. This is an activity most organisations may not have taken too seriously in the pre-pandemic era. Businesses discuss this at a webinar on COVID-19 economic update
- Primark, a UK, discount fashion retail store has moved from £650 million a day to zero.
- The crash in U.S. crude prices has turned a reliable commodity less than worthless and given fresh urgency to bearish voices, who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices.
- Oxford University researchers will begin human trials of a potential vaccine on Thursday
- Companies around the world will alter their supply chains to be less dependent on China in the wake of the coronavirus crisis, according to investor Mark Mobius. Speaking to CNBC’s “Street Signs Europe” on Tuesday, Mobius, founder of Mobius Capital Partners, said the pandemic was already prompting a rethink among businesses as they sought to mitigate supply shocks from any future events of a similar scale.
- The oil industry is in its worst crisis since at least the Great Depression, according to analysts. There’s too much oil, and nobody wants to buy any more. Planes aren’t flying, shipping has slowed, and U.S. consumers, who use 10% of the world’s oil output in their cars, are now staying at home.
- More COVID-19 Economic Updates coming up
