Sunday, Sep 27

COVID-19 brings global economy on its knees

The COVID-19 pandemic has hit the global economy in ways that has never been seen before in a long time, with latest forecasts indicating that the global economy will contract by 4.9% at year end.

This is against a positive growth of 4.4% in 2019 where the Global GDP amounted to about US$142 trillion dollars, according to Statista. The top five countries in terms of nominal GDP; the U.S., China, Japan, Germany and India contributed an enormous 55 percent to the world’s GDP.

However, with all these countries hardly hit by the novel virus and economic activities brought to a standstill for a long period of time in these countries, the global economy is expected to record a negative growth this year.

The U.S. economy contracted by 5 percent in the first quarter of 2020, which according to analysts is an indication of the onset of a recession. The second quarter was worse, as the economy contracted 9.1 percent, according to The Congressional Budget Office predicts the third quarter will improve, but not enough to make up for earlier losses.

Effects will linger until the fourth quarter 2021, with slightly lower economic output and higher unemployment.

U.S. GDP growth will contract by 6.5 percent in 2020. It will rebound to a 5 percent growth rate in 2021 and 3.5 percent in 2022. This is according to the most recent forecast released at the Federal Open Market Committee meeting on June 10, 2020.

According to ‘the balance’, more than 20 million workers lost their jobs in response to the pandemic. The unemployment rate was also projected to average 9.3 percent in 2020. Inflation is expected to average 0.8 percent in 2020.

Due to the uncertainties brought by the outbreak of the coronavirus, the world’s second largest economy has decided not to set a growth target this year.

Data from the National Bureau of Statistics of China showed that China’s first quarter GDP contracted by 6.8 percent in 2020 from a year ago. This was the country’s first GDP decline since at least 1992, when official quarterly records started.

However, China’s economy has begun to pick up as shown by recent second quarter reports. China’s economy grew by 3.2 percent in the second quarter of this year, compared to a year ago.  Data released at the end of the first half of 2020 also showed weak consumption in China as retail sales were down 1.8 percent in June as compared to the corresponding period in 2019.

COVID-19 has also impacted significantly on the Japan, which is the third largest economy in the world. In May, manufactured goods exports fell 23.8% from a year earlier, while manufacturing production was also down by 25.9% over the same period. Japan’s economy contracts by 9.9 percent in the second quarter of 2020.

In the labor market, aggregate hours worked dropped 10.8% from a year earlier in May. The loss of hours worked have translated into a decline in average monthly wages. The major trading partners of Japan are China and the U.S.A, who have been hit heavily by the pandemic. This is likely to have a significant toll on the Japanese economy.

The output of the biggest economy in Europe, Germany is also expected to decline by 5.8 percent this year, plunging the nation into its worst recession since the end of World War II.

Unemployment is also projected to rise to an annual average of 2.72 million in 2020, up from 2.27 million last years. The experts also forecast a 4.4 percent expansion of the economy in 2021, according to DW.

In the second quarter, the economy contracted by a staggering 10 percent over the previous three months due to the devastating effect of a nationwide lockdown.

Data released by the Ministry of Statistics and Program Implementation showed that the GDP of world’s fifth largest economy, India had contracted by 23.9 percent in the second quarter of 2020. India recorded the biggest contraction in the second quarter of 2020 among the top five largest economies in the world.

Consumer spending which is the main driver of the economy dropped 31.2 percent year-on-year in the second quarter of 2020 as compared to a 2.6 percent fall in the previous quarter. Capital investments were also down by 47.9 percent compared to a 2.1 percent rise in the previous quarter.

Manufacturing has already entered recession as output fell 39.3 percent in April-June after falling 1.4 percent in the previous quarter, and construction and trade services plunged by around 50 percent.

With the world’s biggest economies all struggling due to the outbreak of the pandemic, it is therefore no wonder that the International Monetary Fund (IMF) in its April edition of the World Economic Outlook (WEO), projected that the global economy will contract sharply by 3 percent in 2020, much more than during the 2008–09 financial crisis. According to the IMF, the downwards projections were necessitated by the severe impact of the pandemic on economic activities.

However, in June this year, the IMF further downgraded its projections in the global economy. Global growth is now projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 WEO forecast. The COVID-19 pandemic, according to the IMF, has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecasted.

The recent forecast has downgraded some of the major components of aggregate demand; private consumption and firm investment.

The Fund states that Consumption growth, in particular, has been downgraded for most economies, reflecting the larger-than-anticipated disruption to domestic activity.

The IMF explained that the projections of weaker private consumption reflect a combination of a large adverse aggregate demand shock from social distancing and lockdowns, as well as a rise in precautionary savings. The Fund, however, indicated that Policy support will partially offset the deterioration in private domestic demand.

Investment on the other hand, the IMF said, is expected to be subdued as firms defer capital expenditures amid high uncertainty.

The projections have shown that in the baseline, global activity is expected to trough in the second quarter of 2020, recovering thereafter. Growth is expected to strengthened to 5.4 percent in 2021, with consumption and investment increasing gradually.


“In 2021, growth is projected to strengthen to 5.4 percent, 0.4 percentage point lower than the April forecast. Consumption is projected to strengthen gradually next year, and investment is also expected to firm up, but to remain subdued. Global GDP for the year 2021 as a whole is forecast to just exceed its 2019 level,” -IMF.



World Bank’s projection

The World Bank on the other hand is projecting a global contraction of 5.2 per cent in 2020, much higher than IMF’s projections.


The COVID-19 pandemic has, with alarming speed, delivered a global economic shock of enormous magnitude, leading to steep recessions in many countries. The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020—the deepest global recession in eight decades, despite unprecedented policy support. Per capita incomes in the vast majority of emerging market and developing economies (EMDEs) are expected to shrink this year, tipping many millions back into poverty,” -World Bank.


The World Bank pointed out that every region is subjected to substantial growth downgrades. The Bank indicated that East Asia and the Pacific will grow by a scant 0.5 percent. South Asia will contract by 2.7 percent, Sub-Saharan Africa by 2.8 percent, Middle East and North Africa by 4.2 percent, Europe and Central Asia by 4.7 percent, and Latin America by 7.2 percent.


Drop in trade volumes

A recent goods trade barometer report released by the World Trade Organisation (WTO) shows a 14% drop in global merchandise trade volume between the first and second quarters of this year.

The current barometer reading of 84.5 is 15.5 points below the baseline value of 100 for the index and 18.6 points down from the same period last year. This reading is the lowest on record in data going back to 2007, and on par with the nadir of the 2008-09 financial crisis.

This is however, broadly consistent with WTO statistics issued in June, which estimated an 18.5% decline in merchandise trade in the second quarter of 2020 as compared to the same period last year.

 The exact extent of the fall in trade will only be confirmed later this year when official trade volume data for the period from April to June becomes available.

“The WTO's June statistics implied a 14% drop in global merchandise trade volume between the first and second quarters of this year,” -WTO.

This estimate, together with the new Goods Trade Barometer reading, suggest that world trade in 2020 is evolving in line with the less pessimistic of the two scenarios outlined in the WTO's April forecast, which projected that the volume of merchandise trade this year would contract by 13% compared to 2019.

However, as WTO economists warned in June, the heavy economic toll of the COVID-19 pandemic suggests that the projections for a strong, V-shaped trade rebound in 2021 may prove overly optimistic.

As uncertainty remains elevated, in terms of economic and trade policy as well as how the medical crisis will evolve, an L-shaped recovery is a real prospect. This would leave global trade well below its pre-pandemic trajectory.


Increase in agricultural and Food Exports

It has, however, not been all gloom as a recent report published by the WTO Secretariat on the impact of the COVID-19 pandemic on world agricultural trade shows that agricultural and food exports increased by 2.5 per cent during the first quarter of 2020 compared to the same period in 2019.


“While overall merchandise trade fell sharply in the first half of 2020, agricultural and food exports increased by 2.5 per cent during the first quarter of the year compared to the same period in 2019, with further increased in March and April. However, the crisis has exerted further downward pressure on food prices, and therefore on producer revenues,” -WTO

 According to the report, even though many of the initial measures were expected to impact negatively on the agricultural sector, the sector has shown resilience, with a trade performance that has fared better than other sectors.

The report however, warns that countries are still fighting the pandemic, and its repercussions for food supply chains are still unfolding.  While there is currently no reason why the ongoing health crisis should turn into a food crisis, disruptions to food supply chains constitute a risk, with governments’ trade policy choices likely to determine how the situation evolves.

Will COVID 19 trigger a global economic recession?

Will COVID 19 trigger a global economic recession?

The outbreak of the novel Corona Virus (Covid-19) has taken a heavy toll on the global economy, as major cities and economies were locked down, bringing economic activities to a standstill. The virus, which started in Wuhan in December 2019, has now spread to over 200 countries, affecting over 8.5 million people, killing over 450,000.

The increasing spread of the virus caused some countries and cities to completely lockdown, with airlines, restaurants, shops, pubs and night clubs closed down temporarily. Sporting activities were suspended, with conferences, workshops, religious activities, and all forms of social gatherings also suspended.

These measures put in place to control the further spread of the virus weighed heavily on the global economy, as stock markets crushed, with oil prices also falling to its lowest in history. This once-in-a-century pandemic has hit the world economy in a way that has never been seen before.

The United Nations Trade and Development Agency (UNCTAD) reported that aside the tragic human consequences of the COVID-19 virus, the economic uncertainty it has sparked will likely cost the global economy $1 trillion in 2020.

“We envisage a slowdown in the global economy to under two per cent for this year, and that will probably cost in the order of $1 trillion, compared with what people were forecasting back in September,” said Richard Kozul-Wright, Director, Division on Globalization and Development Strategies at UNCTAD. Mr. Kozul-Wright warned that few countries were likely to be left unscathed by the outbreak’s financial ramifications.

UNCTAD's Secretary-General Mukhisa Kituyi, also in a recent video briefing warned that the global economy was in a worse shape than it was during the 2008 financial crisis as the pandemic triggered the complete closure of entire industries in some cases.

Latest data for the first quarter of 2020 also shows a sharp contraction in economies most affected by the COVID-19 pandemic, with the Word Bank predicting a 5.2 percent contraction in global GDP in 2020, stating that the pandemic was likely to plunge most countries into recession. East Asia and the Pacific is expected to grow by 0.5%, with South Asia expected to contract by 2.7%. Sub-Saharan Africa is also expected to contract by 2.8%, Middle East and North Africa by 4.2%, Europe and Central Asia by 4.7%, and Latin America by 7.2%. GDP in China, the United States and France contracted by 9.8%, 4.8% and 5.8% (quarter-on-quarter) in the first quarter of 2020.

According to the latest report of the Bank of Ghana on global economic outlook, the pandemic led to a deterioration in financial market risk sentiments, with the February and March 2020 being characterised by large swings in the stock market, reversal of capital flows to Emerging Market and Developing Economies (EMDEs) and a widening of EMDE sovereign bond spreads. In addition, the weaker global demand and the inability of OPEC and its allies to agree on production cuts led to the collapse of oil prices, and further worsened the financial May 2020.

Threat of economic recession

While it is too early to access the full economic impact of the Covid-19 on the global economy, many experts have warned that a global economic recession seems inevitable if the virus is not curbed as soon as possible.

The global manufacturing industry is currently on its knees as the world’s major economies deliberately shut down. Factories are closing, shops, gyms, bars, schools, colleges, and restaurants shuttering, with early indicators suggesting there would be job losses. Airlines have shut down their operations in some countries, oil prices are falling and international trade is declining. These are clearly early warning signs of an eminent global economic recession.

To help minimize the economic impact of the virus, central banks across the world have responded by cutting down interest rates, with government’s also promising to provide stimulus packages for affected companies. This is expected to minimize the impact of a possible global economic recession as a result of the virus.

Economic situation in China

Data published by the National Bureau of Statistics showed how China's economy was devastated by the outbreak of the virus in the first two months of the year, with data for March expected to be even worse.

The collapse in activity in the World’s second largest economy affected every sector of the its economy. Retail sales plunged by 20.5 percent during January and February, industrial output was down by 13.5 percent, and fixed asset investment fell by nearly 25 percent. China's unemployment rate also shot up to 6.3 percent in February from 5.2 percent in December.

Situation in US

The situation in the US market was no different as the markets nose-dived on March 18, with the Standard & Poor’s 500 index sinking more than 8.3 percent after another forced halt in trading. The equity markets in the US have also slumped by 30 percent, with GDP also expected to decline in the April-June quarter.

These developments have also prompted Goldman Sachs to downgrade its outlook for US GDP, citing a cutback in spending, supply chain disruptions and the impact of local quarantines. The investment bank thinks America's economy will now shrink 5 percent between April and June, after 0 percent growth between January and March. Growth for the year is forecast to come in at just 0.4 percent, down from 1.2percent.

Situation in Europe

Europe has also not been an exception, with the European Commission reporting that the virus would likely push the European economy into recession this year, warning that a possible rebound next year would largely depend on a bold response from member states.

Against this backdrop, Commission President, Ursula von der Leyen said the commission would do whatever is necessary to support the European economy. For the Commission, the priority is to inject liquidity into the European economy to provide all the needed resources to the health sector and struggling companies, especially SMEs.

For that reason, von der Leyen promised the maximum flexibility in the implementation of EU rules for state aid and the Stability and Growth Pact, so member states will not be constrained by the bloc’s rulebook during the crisis. In addition, a total of €8 billion of unspent EU funds held by member states would be redirected to urgent needs related to the pandemic, which could potentially unlock €37 billion.

Maarten Vervey, the Commission’s director-general for economic and financial affairs, has also admitted that the growth forecast was deteriorating very rapidly. Taking into account the economic shocks provoked by the coronavirus and the containment measures, Vervey said it was very likely that growth for the euro area, and EU as a whole, would fall below 0%.

Situation in Africa

Uncertainty regarding the spread of the COVID-19 is high and its impact on Africa is expected to be serious, given the continent’s exposure to China. The worst hit country in Africa, South Africa is already reeling under the economic effects of the virus, with experts predicting that growth will contract by 1.5 percent in the first 3 months, as the virus threatens two of its main sources of income: mining and tourism.

A report issued by a subsidiary of auditing firm Price Waterhouse Coopers, further stresses the Chinese market’s capacity to absorb South African metal production at this moment. Every year South Africa exports the equivalent of 450 million euros worth of iron, manganese and chromium ores to China, however the 1 percent decline in Chinese growth could result in a reduction in demand for South African raw materials, which would adversely affect its economy.

The virus has also resulted in mass production shutdowns and supply chain disruptions due to port closures in China. Economically, the effects have already been felt, as demand for Africa’s raw materials and commodities in China has declined and Africa’s access to industrial components and manufactured goods from the region has been hampered. Importers in China are cancelling orders due to port closures and as a result of reduction in consumption in China. Sellers of commodities in Africa are therefore being forced to offload products elsewhere at a discounted rate.

In Ghana, the Finance Minister, has already disclosed that preliminary analysis undertaken by the ministry showed that the virus would impact negatively on the country’s petroleum receipts due to the collapse of oil prices. He also noted that the country’s custom receipts were likely to fall short, with health expenditure for the year expected to balloon.

Global Economic Growth Becomes Fragile as Trade Tensions Persist

Global Economic Growth Becomes Fragile as Trade Tensions Persist

Global momentum has weakened markedly and growth is set to remain subpar as trade tensions persist.



The uncertainty stemming from the US-China trade war, Brexit, and crisis in the Persian Gulf are among the foremost drivers of the weak global economic outlook in Q4.

Already, The International Monetary Fund, on July 23rd, cut its 2019 global growth forecast from 3.3% to 3.2%. The IMF pointed to the escalating US-China Trade War as the main risk to the worldwide economy.

Frustrated by China’s foot-dragging, the United States imposed 15% tariffs on more than $125 billion worth of Chinese imports. In response, China allowed the Yuan to weaken past 7 Yuan to 1 U.S. Dollar for the first time since the 2008 global financial crisis. Also, China imposed 15% tariffs on $75 billion worth of U.S. goods. Part of the taxes includes a duty of 5% on U.S. crude. In retaliation to the Yuan devaluation, the U.S. Treasury declared China a currency manipulator.

With attacks on oil tankers and Riyadh oil complex, in July & September, Iran demonstrated its capability to disrupt global oil supplies.

Under these tense economic conditions, a dovish upsurge swept across the global economy, during Q3. Consequently, Central Banks in both advanced and emerging economies slashed rates to stimulate growth.

The US-China Trade war will still be front and center for the global economy

So far, the United States has hit tariffs on $550 billion worth of Chinese products. China, in turn, has set tariffs on $185 billion worth of U.S. goods.

The world’s two largest economies have been embroiled in a trade war since 2018 that have shaken the global markets and threatens global growth.

China, in September, concluded deals to buy U.S. soybeans and pork. The agreement follows Beijing’s decision to lift retaliatory tariffs on soybeans, China’s most significant import from the United States. In return, China may request for Washington lift some restrictions on Huawei and withhold imposing new tariffs. With President Trump under pressure from U.S. Farmers in Iowa, he may ease Huawei export restrictions. In exchange, Trump may push for additional purchase of U.S. agricultural products, Crude Oil, and LNG.

However, deep uncertainty will prevail in Q4, given Beijing’s constant hardline position regarding intellectual property, Cyber theft, Yuan manipulation, and subsidies for state-owned enterprises.

The United States hasn’t changed its demands. Regarding intellectual property rights, the U.S. seeks to halt China’s coercive request for technology transfer from U.S. firms. As for the Yuan, the U.S. wants to end the persistent devaluation of the Yuan against the U.S. Dollar that makes Chinese exports to the United States cheaper, and U.S. exports to China more expensive. Concerning cyber theft, Washington demands a halt to cyber-espionage against U.S. companies by Beijing.

The United States laments that these unfair trade practices have increased its trade deficit with China from $347 billion in 2016 to $376 billion in 2018, to a record $420 billion in 2018.

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As the U.S. economy remains reasonably stable and the Chinese economy slumps, President Trump will be enticed to escalate the trade war. Beijing, indeed, will retaliate and might resolve to hold out on additional concessions until the 2020 election.

With President Xi facing intense economic pressure and President Trump under pressure to deliver results from the trade war, both must break the standoff. Already, the global economy is deteriorating, and recession now looms large in Europe, Japan and throughout East Asia.

With the global economy still deteriorating, expect major central banks, in Q4, to cut rates further to stimulate economic growth

Already, the Reserve Bank of Australia, on October 1st, slashed rate by 0.25% to a record low of 0.75%. The RBA’s cut marked the third reduction in five months in a bid to spur growth.

Amid falling export orders due to the US-China trade row, Emerging Markets like the Philippines, Indonesia, Malaysia, and South Korea will lower interest rates even further in Q4. Previously, the Central Banks of these economies lowered rates during the third quarter.

In the Philippines, the Central Bank of the Philippines cut rates by 0.25% to 4.0% on September 26th. In Indonesia, Bank Indonesia, on September 19th, cut its rate by 0.25% point to 5.25%. Also, the Bank Negara of Malaysia cut its policy rate by 0.25% to 3%, on May 7th, due to deteriorating foreign demand amid the U.S.-China trade row. Furthermore, the Bank of Korea, in South Korea, slashed rates to 1.50%. South Korea’s economy is in a hard spot due to the US-China trade war and its own trade war with Japan. Exports, which account for about 40% of its GDP fell for 10 straight months.

Advanced economies like Japan, Eurozone, Hong Kong, Britain, China, and the United States may slash rates as well.

Japan is considering lowering rate, presently at -0.1%, even further into negative territory as global economic outlook weakens and the likely impact from the VAT tax hike.

In Hong Kong, months of anti-government riots and the fallout from the U.S.-China trade war have begun to take a toll on its economy. As such, Hong Kong’s central bank, the Hong Kong Monetary Authority, might cut rate again. Earlier, the central bank lowered interest rates twice in August (by 0.25% to 2.50 %) and in September (by 0.25% to 2.25 %).

In addition, the Bank of England may cut interest rates even if a no-deal Brexit is avoided on October 31st. Interest rates have been on hold at 0.75% since August 2018.

The US Federal Reserve has cut rates twice this year in response to weak economic outlook. Nevertheless, if President Trump decides to escalate the trade war with China, the Federal Reserve may cut rate by another 0.25% to protect the US economy.

As growth in Eurozone stagnates, the European Central Bank has relaunched a stimulus program to inject over €20 billion monthly into the Eurozone’s financial markets. Given that the Eurozone economy, especially Germany, is heading towards a possible recession in Q4, the ECB might cut rate further during the quarter. Germany’s economy has weakened due to the US-China trade row and the uncertainty regarding to Britain’s exit from the European Union.

Finally, China’s Central Bank, the People’s Bank of China, has also cut rates to 4.20% to cope with economic pressure due to its trade war with the United States. Nevertheless, if the trade war intensifies considerably in Q4, Beijing may further devalue the Yuan or slash rate by another 0.25%.

As the trade war morphed into a currency war in Q3, expect a raise to the bottom, in Q4, by Central Banks to cut their policy rates to boost economic growth in the various economies. The US-China trade conflict has hit manufacturing, with export orders shrinking in many economies.

With attacks on oil tankers along the Strait of Hormuz and on Riyadh’s oil facilities, in Q3, Iran has demonstrated its capability to disrupt global oil exports

On September 14th, a volley of cruise missiles and drone strikes damaged the Abqaiq and Khurais crude processing facilities belonging to Saudi Aramco. The Abqaiq plant and Khurais plant handle over 7 million and 1.45 million barrels per day of crude oil respectively. The attack shut off 7% of the global daily oil supply.Image B

Luckily, the incident occurred when oil stockpiles were higher due to reduced demand. Saudi Arabia had about 180 million barrels of crude oil in inventories in Egypt, the Netherlands, and Japan.

Also, the U.S. commercial crude oil inventories were at 417.1 million barrels. Besides, the Strategic Petroleum Reserve was almost 645 million barrels.

Furthermore, the Organization for Economic Cooperation and Development members had over 2.9 billion barrels in stockpiles.

Although Brent Price jumped from $61.25 per barrel to $68.42 per barrel on September 16th, the price ultimately settled at $58 per barrel by October 1st.

Low demand due to weak economic conditions has diminished the impact of supply disruptions from the Persian Gulf. Unfortunately, additional attacks on Saudi oil facilities or tankers along the Strait of Hormuz may occur.

Moreover, if an oil tanker is unable to transit through the Strait of Hormuz, it can lead to higher shipping costs and significant supply delays. Consequently, oil prices will soar.

Finally, the European Union, in Q4, faces three serious risks; Brexit, potential U.S. auto tariffs, and possible Eurozone recession

Brexit will reach its Zenith as the October 31st deadline for Britain’s exit from the European Union draws near. A hard Brexit will likely be avoided. The British Prime Minister, Boris Johnson’s, threat of a hard Brexit could result in concessions between the E.U. and the United Kingdom on the Irish backstop. If no agreement is reached, the United Kingdom may ask the European Union to extend Brexit for a couple of months.

Growth in the Eurozone will be mild as usual, in Q4, amid the Brexit uncertainty, and the escalating US-China Trade war. Germany, Eurozone’s largest economy, is on the verge of recession. It is deeply reliant on manufacturing cars and other industrial goods to drive its economy.

Unfortunately, it will get worse. The United States, following a WTO victory, is set to impose punitive tariffs on E.U. products in retaliation for illegal subsidies granted to Airbus. In response, Brussels will impose tariffs on U.S. goods. This may push President Trump to impose auto tariffs at a time Germany’s economy is plunging towards a possible recession. President Trump may as well target French products over France’s new digital tax policy. The European Union, indeed, will retaliate against U.S. tariffs. With the Eurozone’s economy stagnating, and the United States’ economy relatively stable, any tit for tat tariff is sure to plunge the EU further into economic crisis.

The intense economic pressure piling up in the European Union has pushed the European Central Bank to reintroduce stimulus measures. the Bank, beginning in November, will inject €20 billion monthly into its financial markets.

Global Economic Growth forecast in Q2, 2019: Opportunities and Threats

Global Economic Growth forecast in Q2, 2019: Opportunities and Threats

The current global economic growth environment remains subdued, and global business sentiment indicators have yet to find a bottom.

Global growth remains precarious

Global growth remains precarious

Global growth is likely to dim this year, due largely to weaker momentum in developed economies and China.

The path to Global Growth narrows in 2019 after pick up in 2018

The path to Global Growth narrows in 2019 after pick up in 2018

Global growth in 2018 is estimated to be 3.7 percent, as it was last fall, but signs of a slowdown in the second half of 2018

President Nana Addo Dankwa Akufo-Addo has said that the government is making efforts to come out with a particular definition of persons constituting the Frontline Health Workers.

He said this at a meeting with the leadership of the Ghana Medical Association (GMA) at the Jubilee House in Accra on Tuesday, April 7.

The president called o...