Audio By Carbonatix
Audit and tax advisory powerhouse, KPMG, has said the coronavirus pandemic will reverse Ghana’s macroeconomic gains, with fiscal deficits projected to widen to 6.6% of GDP.
“A new budget statement may be required to needed to address these gaps and reset targets,” KPMG said in a Ghana-focused analysis on the economic impacts of the Covid-10 pandemic.
On Ghana’s economic fundamentals, KPMG noted that there will be pressure on the local currency due to bond sell-off by foreign investors and dwindling reserves.
“Serving external debt could be expensive and borrowing cost will rise as evidenced by rising yield on Eurobonds,” the KPMG stated in the economic impact assessment document.
But moving away from predictions by other institutions, KPMG said Ghana’s agricultural sector is not likely to be heavily impacted as it relies less on intermediary imports.
“However, uncertainties could lead to food shortages and panic buying which may induce food inflation,” according to KPMG.
Read the full analysis below.
Latest Stories
-
‘Recent cedi depreciation within reasonable limits compared to historic rates’ — Prof. Asuming
7 minutes -
QNET donates football equipment to S-Inkoom Football Academy
13 minutes -
NDC likely to witness fiercest internal contest – Miracles Aboagye
39 minutes -
Over 300 actors audition for Big Ghun and Doreen Avio’s ‘Scarlett Unveiled’
1 hour -
MTN introduces 0.75% charges on MoMo-to-bank transfers from June 1
1 hour -
NDC urged to establish clear guidelines to manage growing political ambitions
1 hour -
Tarkwa-Nsuaem teachers declare strike over alleged assault of colleagues by military men
1 hour -
Ghana to ban styrofoam products from January 2027 in major anti-pollution drive
2 hours -
Ghana to host landmark global supply chain summit as EU deforestation deadline looms
2 hours -
Haruna vs Asiedu Nketiah: Tensions could distract gov’t from governance agenda — Dr Osae-Kwapong
2 hours -
NSA releases PIN codes for 18,617 nurses and midwives for 2026/27 national service
2 hours -
She refused to look away: How Regina Asamoah brought Ghana’s missing children crisis into the light
2 hours -
GRA announces two-month amnesty for uncustomed vehicle users
2 hours -
Haruna vs Asiedu Nketiah: Tensions ‘worrying’ if allowed to escalate — Dr Osae-Kwapong
2 hours -
MCG marks International Missing Children’s Day: “Report immediately” and prioritise online safety
2 hours