Covid-19 is a threat to Ghana’s fragile economy-Nduom

Founder of the Progressive People’s Party (PPP), Dr. Papa Kwesi Nduom, has commented on the outbreak of the deadly novel coronavirus.

Dr. Nduom believes that Ghana must take steps to manage the impending threat to our fragile economy.

The politician in a Facebook post said “Yes, this is an election year. However, politicians must think of the nation and not themselves by limiting mass gatherings.”

Commenting on the impact the outbreak has had in the economy he said: “On the economic front, the needs of the private sector must be put in front in a way that brings more liquidity to indigenous enterprises.”

He said:”This would be a great time to pay infrastructure, school feeding and all types of contractors. Chances are that Chinese, American and European exports and fund flow will be in a go slow so a domestic stimulus will be needed.”

“So it is not just a health scare that we face. It could be an economic nightmare. In an election year. Are we prepared for this?”

The deadly virus he indicated is the threat to the global financial system we must guard against.

“As many countries begin to take proactive steps to deal with this global health threat, conferences, factories, business, social and sports events of all types are being put on hold. The World Bank/IMF spring meetings this year are not going to have mass physical interactions that will need thousands to travel to Washington, DC. The global financial system will react. Herein lies the economic threat.”

Read his full post below

Dr Papa Kwesi Nduom writes………..

GLOBAL COVID-19 DEATH TOLL
China : 3070
Italy : 233
Iran : 145
South Korea : 44
US : 17
France : 16
Spain : 10
Japan : 6
Iraq : 4
Australia : 2
UK : 2
Hong Kong : 2
Switzerland : 1
Netherlands :1
Thailand : 1
Taiwan : 1
San Marino : 1
Philippines : 1

This is the threat to the global financial system we must guard against. As many countries begin to take proactive steps to deal with this global health threat, conferences, factories, business, social and sports events of all types are being put on hold. The World Bank/IMF spring meetings this year are not going to have mass physical interactions that will need thousands to travel to Washington, DC. The global financial system will react. Herein lies the economic threat.

Ghana must take steps to manage the impending threat to our fragile economy. Yes, this is an election year. However, politicians must think of the nation and not themselves by limiting mass gatherings. On the economic front, the needs of the private sector must be put in front in a way that brings more liquidity to indigenous enterprises. This would be a great time to pay infrastructure, school feeding and all types of contractors. Chances are that Chinese, American and European exports and fund flow will be in a go slow so a domestic stimulus will be needed.

So it is not just a health scare that we face. It could be an economic nightmare. In an election year. Are we prepared for this?

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