(click here for full report.)
This report presents the impact of COVID-19 on Ghanaian businesses, which complements the 2020 quarter two (2) Gross Domestic Product by providing explanations to the contraction within this period. The complementarity engenders the deployment of diverse and targeted social and monetary interventions to affected businesses, especially those that closed permanently with no hope of revival. The shocks caused by the pandemic indicate that Ghanaian businesses are affected through a multiplicity of channels (demand shocks, supply shocks, financial shocks and continued uncertainty) and expect continuing impacts in the future. In the short-run, policies that support firms in managing financial shocks can be expected to be beneficial, including increasing awareness of current schemes. In the longer term, policies that increase customer and business confidence, help re-establish broken supply channels and assist firms adjusting to the new reality (e.g., by leveraging digital technologies) can be expected to help businesses recover from the shock.