• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, October 7, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Govt’s industrialisation agenda, banking sector clean-up will augment the economy post COVID-19 – EIU

thevaultzby thevaultz
July 22, 2020
Reading Time: 3 mins read
thevaultzby thevaultz
in Economy, Top Stories
0
President Nana Addo Dankwa Akufo-Addo (Right) with Vice President Mahamudu Bawumia

President Nana Addo Dankwa Akufo-Addo (Right) with Vice President Mahamudu Bawumia

The Economist Intelligence Unit (EIU) has praised the government of Ghana’s industrialisation agenda under its flagship One District One Factory initiative and the banking sector clean up.

In its latest country report on Ghana which also analysed the impact of the COVID-19 pandemic on the Ghanaian economy, the EIU indicated that, the programmes of the government will contribute greatly to the strengthening of the Ghanaian economy, even though the country’s economy has been hit by the effects of the pandemic, just as other countries in the world.

“With key revenue targets plummeting, including a sharp drop in oil revenue, the EIU noted that the industrialisation drive and the banking clean-up will help in non-oil growth. The government’s industrialisation push and moves to strengthen the banking sector will benefit non-oil economic growth, although the cost of capital will remain a constraint.”

In furtherance, the EIU observed that the government’s aim to massively industrialise the country’s economy has been enormously stalled by the onset of COVID-19.

RelatedPosts

Ghana’s Banks Lose Nearly GH¢900m to Bad Loans in 6 Months as NPLs Hit GH¢20.7bn

BoG Bets on Cedi Strength, Fiscal Consolidation to Curb Inflation to 8±2% in 2025

No Business Can Survive This! — GUTA, FABAG Blast Government Over Tariff Hikes

However, the Unit’s report is optimistic that the ambition to industrialise will be sustained and advanced, albeit contingent on the reelection of the incumbent government, which it has predicted. The continuation of the creation of industries, according to the EIU will serve as a catalyst for the strengthening of the Ghanaian economy.

“The NPP’s plans for more rapid industrialisation have been temporarily overshadowed by the coronavirus.”

“In particular, progress on the NPP’s flagship One District, One Factory (1D1F) initiative has been patchy, with results generally falling behind targets. If, as we expect, the NPP is re—elected, we believe that there will be an attempt to breathe fresh life into the initiative.”

one district one factory

With regards to the general outlook of the Ghanaian economy post COVID-19, the EIU predicted a positive real GDP growth in 2021, a slower pace of depreciation, lower inflation among other positive forecasts.

Regardless of the positive predictions for the country post COVID, the EIU has forecasted a more worrying economic situation for the country for the rest of 2020.

The Unit has projected that, the economy will contract by 4.1 percent which is far lower than what the government has projected. Inflation will also end the year at 11.3 percent. The cedi has also been projected by government to end at 5.73 cedis by the end of the year but the EIU has forecasted the cedi to depreciate by 5.83 cedis.  

economist intelligence
The Economist Intelligence Unit. (PRNewsFoto/Marketo)

Coronavirus impact on global economy

However, the EIU’s analysis and verdict of the impact of Coronavirus on the global economy predictably dire.

“We forecast that global output will contract by 4.8% year on year in 2020 and that global trade will decline by 22.6%. Global GDP will not recover to pre-coronavirus levels before at least 2022; 2020 and 2021 will be lost years for growth.

“Real GDP will contract in all regions of the world, but the drop in output will be especially severe in OECD countries. All G7 countries and almost all G20 countries will experience a full-year recession in 2020. We expect China’s real GDP growth to slow sharply to 1.4% this year and forecast a full-year recession in the US, with a contraction of 4.8%. We assume that oil prices will decline by more than 37% this year, to average US$40/barrel.

“Most countries have responded with huge fiscal expansion to support businesses and households, raising the risk of sovereign debt crises in the medium term. Central banks have cut interest rates and, more importantly, have stepped up as buyers of last resort for government and corporate debt. Europe is heading towards a historic recession this year.”

Tags: Banking sectorCOVID19economyEIUIDIFpost-COVID
Please login to join discussion
Previous Post

Chinese COVID-19 vaccine starts final tests in Brazil

Next Post

Stakeholders In The Shea Industry Urged To Demonstrate Commitment To Effect Change

[mc4wp_form id="1264"]

Related Posts

Galamsey Now a Community Venture, CDD-Ghana Warns
General News

Galamsey Now a Community Venture, CDD-Ghana Warns

October 7, 2025
Dentaa Challenges Ghanaians to Join Grammy Recording Academy
Entertainment

Dentaa Challenges Ghanaians to Join Grammy Recording Academy

October 7, 2025
Adidome to Make History as Host of 2025 Mini Hogbe Za Celebration
General News

Adidome to Make History as Host of 2025 Mini Hogbe Za Celebration

October 7, 2025
EU Launches Preparedness Union Strategy
UK

EU New Imports Quota Plan Poses Threat To UK Steel Industry

October 7, 2025
Petroleum Hub Project
Extractives/Energy

Over 70 Investors Show Interest in Ghana’s Petroleum Hub Project – PHDC CEO 

October 7, 2025
Ghana’s Banks Lose Nearly GH¢900m to Bad Loans in 6 Months as NPLs Hit GH¢20.7bn
Banking

Ghana’s Banks Lose Nearly GH¢900m to Bad Loans in 6 Months as NPLs Hit GH¢20.7bn

October 7, 2025
Galamsey Now a Community Venture, CDD-Ghana Warns
General News

Galamsey Now a Community Venture, CDD-Ghana Warns

by Silas Kafui AssemOctober 7, 2025
Dentaa Challenges Ghanaians to Join Grammy Recording Academy
Entertainment

Dentaa Challenges Ghanaians to Join Grammy Recording Academy

by Esther Korantemaa OffeiOctober 7, 2025
Adidome to Make History as Host of 2025 Mini Hogbe Za Celebration
General News

Adidome to Make History as Host of 2025 Mini Hogbe Za Celebration

by Stephen M.COctober 7, 2025
EU Launches Preparedness Union Strategy
UK

EU New Imports Quota Plan Poses Threat To UK Steel Industry

by Comfort AmpomaaOctober 7, 2025
Petroleum Hub Project
Extractives/Energy

Over 70 Investors Show Interest in Ghana’s Petroleum Hub Project – PHDC CEO 

by Prince AgyapongOctober 7, 2025
Ghana’s Banks Lose Nearly GH¢900m to Bad Loans in 6 Months as NPLs Hit GH¢20.7bn
Banking

Ghana’s Banks Lose Nearly GH¢900m to Bad Loans in 6 Months as NPLs Hit GH¢20.7bn

by Stephen M.COctober 7, 2025
Galamsey Now a Community Venture, CDD-Ghana Warns
Dentaa Challenges Ghanaians to Join Grammy Recording Academy
Adidome to Make History as Host of 2025 Mini Hogbe Za Celebration
EU Launches Preparedness Union Strategy
Petroleum Hub Project
Ghana’s Banks Lose Nearly GH¢900m to Bad Loans in 6 Months as NPLs Hit GH¢20.7bn
[/vc_row_inner]

Recent News

  • Galamsey Now a Community Venture, CDD-Ghana Warns
  • Dentaa Challenges Ghanaians to Join Grammy Recording Academy
  • Adidome to Make History as Host of 2025 Mini Hogbe Za Celebration
  • EU New Imports Quota Plan Poses Threat To UK Steel Industry
  • Over 70 Investors Show Interest in Ghana’s Petroleum Hub Project – PHDC CEO 
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.