Ernest Addison: Pandemic, the economy and outlook

Speech by Dr Ernest Addison, Governor of the Bank of Ghana, at the University of Ghana Alumni Lecture, University of Ghana, Accra, 17 December 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

1. It is a privilege to join you today to deliver this year's Alumni Lecture. Coming back to this great institution has brought back fond memories of my days on the Legon Campus over three decades ago, shuffling between Mensah Sarbah Hall Annex A and the Economics Department. I sincerely thank the Alumni Association for the kind invitation and to join the list of distinguished speakers of the University of Ghana Alumni lecture series.

2. Ladies and Gentlemen, when I received the invitation to deliver this year's alumni lecture, the first thing that came to my mind was the devastating effects of the Covid-19 pandemic on the global economy, how that will transmit to the Ghanaian economy and the enormous challenges to public policy, including macroeconomic management. Since the inception of the pandemic, policies have been crafted and extraordinary measures imposed to contain its spread and manage the human, economic and social consequences.

3. This single event, which probably happens once in a lifetime, has caused some fundamental shifts in the global economy and disrupted social and cultural norms.