The novel Coronavirus (COVID-19), has had drastic effects on economies across the world and by default the livelihoods of people across the globe. To date, over 23 million cases have been confirmed of which close to 3% have been fatal.
Market volatility and general uncertainty led to some investors taking a more conservative approach to investing while others began to pull back on investments.
In March, the International Monetary Fund (IMF) announced that investors had redeemed/repatriated approximately USD 83 billion from developing countries since the beginning of the COVID-19 crisis, the largest capital outflow ever recorded, making it clear that we need to increase investment activity in our capital markets with local assets.
In Ghana, the economic shock of the COVID-19 pandemic was felt in several sectors including manufacturing and trade, and can be attributed to containment measures including global lockdowns, supply chain disruptions and weakened demand for commodities such as cocoa and crude oil.
The knock-on effects on livelihoods including loss of jobs, reductions in income, increased emergency liquidity needs amongst others have shone a light on the power of and need for individuals to invest on a regular basis. Our firm is positioned to meet this need, having exhibited our strength as an institution throughout this pandemic.