Question

Question 1 It has been predicted that post covid-19 macroeconomic indicators may be discouraging, which may lead to worsening economic conditions. Ghana therefore, should prepare for the task ahead. Required: b) Propose practical measures necessary to mitigate such challenges (NB: You may use diagrams where necessary)

Answer 1

Answer:
Practical measures necessary to mitigate such challenges are mentioned below:

• Government can follow expansionary policy to come out of this, to provide employment to the public and increase the growth rate, Government can start multiple infrastructure projects which will help in economic development as well.
• To help Industries which are in stress Government can provide stimulus package as well as loan at lower interest so that they can recover and can employ more people, at the same time contribute in economic development of the nation as well.
• As trade deficit is already increased to manage it, Government can ask loan from IMF or World Bank at lower rates which can help them to sponsor above mentioned activities.
• Government can focus on improving the technology of the industry as well which will make employees more productive and can increase export from the country decreasing the trade surplus.
• To save their local industries from foreign companies import duties on foreign companies can be increased temporarily until local companies recover from this recession.

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