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Business News of Monday, 20 April 2020


UGBS lecturer shocked he bought one orange for GHS1

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Dr Kobby Mensah, an economist and a Senior Lecturer at the University of Ghana Business School, has expressed shock after he bought a single orange for GHS1.

Using the shocked emoji, Dr Mensah tweeted on Sunday, April 19 that One “Orange for GHS1.”

Meanwhile, Dr Mensah has noted that the December 7 general elections will be based on the kind of policy proposal the two leading political parties have in tackling the COVID-19 effect on the economy.

He noted that attention is being shifted from free senior high school programme as a campaign tool for the parties, to economic policies.

There are fears that the COVID-19 outbreak will plunge the economy into severe difficulties which will take the country several years to recover.

Regarding the effect of the pandemic on trade, the Ministry of Finance had said trade volumes and values (both domestic and international) are also reducing as a result of the coronavirus pandemic.

The country is already seeing significant reductions in trade volumes and values with many countries, especially China, which constitutes the highest of Ghana’s imports and the second highest of Ghana’s exports.

“We are also observing reduced arrival of containers at the ports by at least a third, resulting in a reduction in import duties.

“Reductions in imported intermediate goods could significantly slow down manufacturing activities in Ghana. Reductions in imports of goods and services are, however, expected to reduce the demand for forex for importation of goods and services.

“This has a favourable impact on foreign exchange volatility and on our net international reserves. It also provides opportunities for import substitution, thereby, enhancing local production of goods and services,” the Ministry said.

In a tweet, Dr Kobby Mensah said: “#COVID19Ghana implications on impending #GhElections. Policy battleground has certainly shifted from Free SHS to Health and Economic Policies. Amongst them, investment in healthcare and economic recovery strategies. Some few months ago it looked as if the fight was on Free SHS.”