Audit and tax advisory powerhouse, KPMG, has explained the coronavirus pandemic will reverse Ghana’s macroeconomic gains, with fiscal deficits projected to widen to 6.6% of GDP.
“A new budget assertion may perhaps be expected to needed to handle these gaps and reset targets,” KPMG reported in a Ghana-targeted evaluation on the financial impacts of the Covid-10 pandemic.
On Ghana’s financial fundamentals, KPMG pointed out that there will be stress on the area currency due to bond promote-off by foreign buyers and dwindling reserves.
“Serving external financial debt could be highly-priced and borrowing price will rise as evidenced by increasing produce on Eurobonds,” the KPMG mentioned in the economic effect assessment document.
But relocating away from predictions by other establishments, KPMG stated Ghana’s agricultural sector is not probably to be intensely impacted as it relies a lot less on intermediary imports.
“However, uncertainties could guide to foods shortages and worry buying which might induce meals inflation,” according to KPMG.
Go through the complete assessment underneath.