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In: Economics

Given the global economic crisis today , managers of economies all over the world , have...

Given the global economic crisis today , managers of economies all over the world , have started identifying the sectors of economic areas most affected are proactively rolling out policies or measures to increase economic growth. Discuss five (5) ways Ghana can increase in economic growth even in the face of this global pandemic. Show in each point the policy or program meant to propel Ghana’s economy growth

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Expert Solution

GHANA can follow basic activities as given below to improve the economic situation-

  1. RESTART THE MANUFACTURING AND SERVICE UNITS WITH PRECAUTIONS-after the relaxation in the lockdown the manufacturing and service units should be given permission to operate so employment can be generated and production process should be executed with proper precautionary measures like wearing mask,sanitization etc.
  2. PROVIDING AND MAINTAINING LIQUIDITY IN THE MARKET-central bank should properly maintain the flow of money in the money market so there shouldn't be any liquidity crisis,otherwise economy activities would not effectively operate.
  3. INCENTIVES TO THE ENTREPRENEURS-entrepreneurs would play an important role in the revival of the economy,therefore government should try to make them stress free.tax relaxation,financial assistance should be provided to this sectors.
  4. OPENING MARKETS CONCERNED WITH THE BUSINESS OUTPUTS-manufacturing of goods and services are not effective they won't get sold.therefore shopping malls,grocery shops other supply side concerns should be properly operable.
  5. ADAPTION OF ONLINE MANNER FOR DELIVERY OF GOODS-online manner of delivery for goods and services should be under taken for maximizing the economic revival and growth.

Rahul Sunny answered 9 months ago
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