Covid-19 Pandemic: Exploring the Fiscal and Monetary Policies for Mitigating the Socio-economic Impact on Ghana’s Economy | Chapter 02 | New Innovations in Economics, Business and Management Vol. 9

 The Covid-19 epidemic has thrown the global economy into chaos. Countries are seeking to address the epidemic's economic and social consequences by implementing harsh market-stabilizing policies, including monetary interventions. Bans on social meetings have a harmful influence on society, interrupting social activities including education, sports, festivals, and religious activities. Financial losses and employment losses in the agriculture, hotel, trade, and industrial sectors, as well as a decline in foreign direct investments, are all part of the economic effect. In this research, we look at how governments might help mitigate COVID-19's socioeconomic effects. We also look at government fiscal and monetary policy measures, as well as how long they can be sustained. Using Ghana as an example, this study shows that integrated monetary and fiscal policies save lives by decreasing income and employment losses, averting company failures, and ultimately boosting economic recovery. We suggest the CCCRD Model, which might be used by nations as a worldwide approach in the battle against COVID-19. As a result, politicians must utilise this as a rallying cry, strategically connecting resources, people, the environment, and the economy while also giving adequate assistance in these trying times. However, in order to support such monetary and financial policies, laws must be in place to ensure their long-term viability.

Author(S) Details

Elijah Asante Boakye
School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 610054, China and Center of West African Studies, University of Electronic Science and Technology of China, Chengdu 610054, China

Zhao Hongjiang
School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 610054, China and  Center of West African Studies, University of Electronic Science and Technology of China, Chengdu 610054, China

Bright Nana Kwame Ahia
School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 610054, China and  Center of West African Studies, University of Electronic Science and Technology of China, Chengdu 610054, China

Millicent Adu Damoah
School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 610054, China.

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