Despite pandemic’s impact, some sectors are reviving – BoG data

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Bank of Ghana (BoG) data shows that the while coronavirus pandemic has severely bruised the country’s economy, leading to losses in most sectors, other sectors have started showing recovery even as early as the month of May 2020.

The data reveals cement sales and port activities have improved significantly in the month under discussion. Tourist arrivals also went up marginally as government evacuated some stranded Ghanaians, despite travel restrictions. Domestic tax collection also moderated. Then, vehicle registration picked up in May, after a consistent decline since February 2020.

The data further shows business confidence is gradually recovering from the effect of COVID-19, as company prospects improved in June 2020. However, the number of private-sector workers contributing to SSNIT dipped further in May, and exports and imports also declined in May after some recoveries in March and April 2020. And on domestic VAT collections, the data shows a decline in May 2020 despite retail sales improving.

Again, industrial consumption of electricity went down significantly in May while the number of job adverts also decreased in the same month. Below are graphs showing the impact of the pandemic on various sectors.

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