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China’s economic recovery gives Ghana a new impetus for development

China's economic recovery gives Ghana a new impetus for development

After China announced its economic growth data for the third quarter, Ghana’s mainstream media “Gold Street Business Network” recently published an article stating that China’s economy has rebounded strongly, becoming the first major economy in the world to resume growth, providing a boost for Ghana’s economic recovery. The huge driving force calls Ghana to seize the opportunity to promote economic growth.

According to the article, according to the latest data released by the National Bureau of Statistics of China, China’s GDP in the third quarter of 2020 increased by 4.9% year-on-year, becoming the first major economy to resume positive growth since the outbreak of the new crown pneumonia epidemic. The brilliant performance of China’s economy has been highly appreciated by all parties in Ghana.

The article stated that China is Ghana’s largest trading partner, a major exporter of Ghana’s bulk commodities, and an important importer of Ghana’s high-quality and inexpensive consumer goods. China’s strong demand for commodities has guaranteed the prices of gold, crude oil, cocoa, etc., and has made a huge contribution to Ghana’s continued trade growth since the fourth quarter of 2016.

Since the outbreak of the new crown pneumonia epidemic, Ghana’s economy has experienced a recession due to the impact of prevention and control measures. With the strong rebound of the Chinese economy, the Ghanaian economy has ushered in opportunities and momentum for recovery. Ghana expects to increase the prices of international commodities and expand Ghanaian commodity exports through the surge in import demand brought about by China’s economic recovery. With the Chinese economy rebounding, the Ghanaian economy is expected to be on track.

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