Ghana must take advantage of COVID-19 & produce more-Economist
Economist Emmanuel Amoah-Darkwa has said the coronavirus is going to cost the globe $2.7 trillion, which is the size of the GDP of UK.
Ghana he stated would also be affected considering the impact of the deadly virus.
To him, this a wake-up call for us to pursue a path of producing most of the things we import from other countries.
He told Nyankonton Mu Nsem on Rainbow Radio 87.5fm that, we have to produce all the things we can to cut down on imports.
He believes items such as toilet rolls, toothpick, rice and other basic essential items imported can be produced in Ghana.
The UN’s trade and developemnt, has also predicted that the outbreak could cost the global economy up to USD 2 trillion this year.
They are warning that shock from the epidemic will cause a recession in some countries and depress global annual growth to below 2.5 per cent.
The UN agency said that apart from the tragic human consequences of the COVID-19 epidemic, the economic uncertainty it has sparked will likely cost the global economy USD 1 trillion in 2020.
A preliminary downside scenario sees a USD 2 trillion shortfall in global income with a USD 220 billion hit to developing countries (excluding China).
The most badly affected economies in this scenario will be oil-exporting countries, but also other commodity exporters, which stand to lose more than.