READ THE FOLLOWING PASSAGE CAREFULLY AND ANSWER THE QUESTIONS THAT FOLLOW. ORIGINALITY NEEDED

Ghana's economy has gone through some notable phases. One related to the period before the economic reforms of the 1980s, the era of Economic Recovering and Structural Adjustment programs, and the reestablishment of constitutional rule in 1993(OseiandQuartey,2012). According to them, there were two similarly sharply contrasting economic performances. Prior to the economic reforms in the early 1980s, the economic growth was oscillatory and often negative within the period.

The 1960s and 1970s marked an era of rapid industrialization using a variety of control measures and state intervention while from 1984 onwards, growth has been positive and steady but with declining industry share in GDP, with services taking a lead role. (Osei and Quartey, 2012).

In recent years, macro economic fiscal instability has undermined growth. After a prolonged period of sustainable and inclusive growth in 2000-2013, significant external and domestic shocks,amplified by recurrent policy slippages, have created sizable fiscal and external imbalances. High inflation, exchange rate volatility and rapid debt increases to about 74% of GDP (Bank of Ghana, 2020). In 2016, the fiscal deficit reached 9.3% of GDP, while public debt increased to about 74% of GDP (Bank of Ghana, 2020). According to Bank of Ghana, domestic payment arrears and contingent liabilities from the energy sector, state-owned enterprises(SOEs) presented additional debt sustainability risks. They further indicated that during 2016, real GDP growth decelerated to 3.5 percent, the lowest level in two decades. The International Monetary Fund (IMF) program and the exit remains critical in anchoring policy reform and restoring investor confidence.

Ghana's recent growth performance has benefited from the Tweneboa-Eyenra Ntomme (TEN) oil field coming on stream and Sankofa gas field. The TENOilfield , is expected to produce between 20,000 to 23,000 barrels of oil per day. The Sankofa field is expected to deliver an additional 30,000 barrels per day of oil and 180 million cubic feet (5.07 million cubic meters) per day of gas to Ghana.

Rebasing has subsequently been done in many periods following changing items in the baskets and the change of the base year which have resulted in the increase in GDP of the country and reduce the debt to GDP ratio. However, there are concerns about the rate. of debt accumulation between 2017 and 2020.

(a)Do you think that the management of the economy were up to task the period before the reforms and after?Explain your answer.

(b)Which items were added in the recenter basedGDP?

(c)Explain the methods used by Ghana Statistical Service in the measurement of economic activity in the country.

(c)Mention five natural resources in Ghana and explain how they should be managed.

(d)How can MDGs and SDGs have an impact on poverty in Ghana?

(e)What is the significance of debt to GDP ratio on the economy?

(f)Explain four different impacts Covid19 is having on the economy of Ghana.

(g)Explain four internal and external shocks on the economy of Ghana for the year 2020.

(h)Budget deficit and Trade are bad or good. Explain your opinion.

(i)What are the key indicators of an economy that is doing well?