The Implications of COVID-19 Pandemic on Ghanaian Financial Markets and Policy Responses

This study focuses on the analysis of the ravaging ramifications of the global COVID-19 on Ghanaian financial markets and associated policy responses based on qualitative documentary analysis approach. It is abundantly evident from the analysis that, the COVID-19 pandemic affected both the real and financial sectors of the Ghanaian economy. The key segments of the real sector that were affected negatively in Ghana are agriculture, services and industry likewise the financial sector which includes the banking sector, insurance sector and capital market. The Government of Ghana accordingly responded with both economic policy and health policy directives as containment measures. These policies are targeted at protecting livelihoods of the citizenry, protecting the existing economic structures that support lives and social aspect of living. The containment and stringency outcomes of these policies do not match in equal frequency with the rise in the COVID-19 occurrence. Thus, it is important to propose that governments, especially, those in developing countries continue to promote policy responses based on learn as you go due to evolving nature of the pandemic and focus more on expanding agricultural productivity as key post-COVID-19 recovery policies. Monetary policies must continue to offer liquidity creation strategies in the financial sector while fiscal policies must consider expanding fiscal stimulus package for all small medium scale firms and corporate firms.