Journal of Economics and Business

ISSN 2615-3726 (Online)

ISSN 2621-5667 (Print)

Published: 13 January 2021

The Socio-Economic Ramifications of the Covid-19 Pandemic: The Case of Ghana

Richmond Sam Quarm, Rosemond Sam-Quarm, Richmond Sam-Quarm

University of Education (Ghana), Ghana Audit Service (Ghana), mPharma Ghana Ltd (Ghana)

Download Full-Text Pdf


Pages: 12-32

Keywords: Covid-19 Pandemic, Coronavirus, Wuhan City, Hydroxychloroquine, Pfizer, BioNTech, MHRA, FDA, Theory of Epidemics, Agency Theory, Rational Choice Theory, Stakeholder Theory.


The novel, dreaded, disruptive, and disastrous Covid-19 pandemic took the world by storm in January, 2020. The Covid-19 pandemic in Ghana is part of the worldwide coronavirus disease caused by “severe acute respiratory syndrome (SARS-CoV-2)”. On 12th January, 2020 the World Health Organisation (WHO) confirmed that the novel coronavirus was the cause of a respiratory illness that affected a cluster of people in Wuhan City, Hubei Province, China. This was reported to the WHO on 31st December, 2019. On 11th March, 2020, WHO declared the novel Covid-19 a global pandemic (Graphic Online, 2020a). It is worthy to note how the Government of Ghana, political parties, citizens, scientists and academia, corporate entities, faith based organisations, traditional rulers, have offered varied forms of interventions to combat the scourge. The Theoretical Framework of this research was underpinned by the Theory of Epidemics, the Agency Theory, the Rational Choice Theory, and the Stakeholder Theory. We conducted a cross-sectional research through non-probability and purposive sampling with 250 respondents. We also employed face-to-face interviews, structured closed-ended and open-ended Questionnaires (Braun and Clarke, 2012; Denzin, 2017), which were administered online through email application via Google Forms. One of our major findings was that with the approval of Pfizer/BioNTech Covid-19 vaccine by the UK’s MHRA on 1st December, 2020 (Graphic Online, 2020b); and subsequently by the US FDA a week later on 8th December, 2020 (Graphic Online, 2020c), all governments around the globe in general, but Africa in particular, must make conscious efforts backed by adequate budgetary allocations to secure maximum quantities of the vaccines for their vulnerable teeming population.


  1. Africanews (2020). “Africa’s top coronavirus deaths: Professor Jacob Plange-Rhule; Ghana loses a renowned physician”. news

  2. Anand, P. (1993). “Foundations of Rational Choice Under Risk”, Oxford: OUP

  3. Anyorigya, D. (2020). “Coronavirus: Norwegian Embassy in Ghana shuts down after staff member tested positive”. 12thMarch, 2020; Citi Newsroom.

  4. Bailey, N. T. J. (1975). The Theory of Infectious Diseases and its Applications. Charles Griffin, London.

  5. Bank of Ghana (2020). Press Release: Monetary Policy Committee Meeting, Accra

  6. BBC News (2020a). Pfizer/BioNTech announces Covid-19 vaccine breakthrough. 9th November, 2020:

  7. BBC News (2020b). First person in the world to receive Covid-19 vaccine injection1st December, 2020:

  8. Bell, D. (1981). “Models and Reality in Economic Discourse”. Pp 46-80 in The Crisis in Economic Theory, ed by D. Bell and I. Kristol. New York. Free Press

  9. Bicchieri, C. (1993). Rationality and Coordination. Cambridge University Press

  10. Braun, V. and Clarke, V. (2012). Thematic analysis. In H. Cooper, P. M. Camic, D. L. Long, A. T. Panter, D. Rindskopf, and K. J. Sher (Eds), APA handbook of research methods in psychology, Vol. 2: Research designs: Quantitative, qualitative, neuropsychological, and biological (57-71). Washington, DC: American Psychological Association.

  11. Coleman, J. S. (1990). Foundations of Social Theory

  12. CNN News (2020a). Pfizer/BioNTech announces Covid-19 vaccine breakthrough. 9th November, 2020:

  13. CNN News (2020b). First person in the world to receive Covid-19 vaccine injection1st December, 2020:

  14. DailyGuide (2020). “30 Health Workers test positive for Covid-19 in the AshantiRegion. 20th May, 2020; www.dailyguide network

  15. Denzin, N. K. (2017). The research act: A theoretical introduction to sociological methods.New York, NY: Routledge.

  16. Downs, A. (1957). “An Economic Theory of Democracy”. Harper

  17. Elster, Jon (1989). Nuts and Bolts for the Social Sciences, Cambridge University Press

  18. Executive Instrument (2020). E.I. 63, Establishment of Emergency Communications System Instrument. Assembly Press, Accra.

  19. Executive Instrument (2020). E. I. 64. Imposition of Restrictions (Covid-19 Pandemic) Instrument. Assembly Press, Accra.

  20. Executive Instrument (2020). E. I. 65. Imposition of Restrictions (Covid-19 Pandemic) Instrument (No 2). Assembly Press, Accra.

  21. Executive Instrument (2020). E. I. 66. Imposition of Restrictions (Covid-19 Pandemic) Instrument (No 3). Assembly Press, Accra.

  22. Frank, R. H. (1990). “Rethinking Rational Choice”. Pp 53-87 in Beyond the Marketplace, Edited by Roger Friedland and A. F. Robertson. New York: Aldine.

  23. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.

  24. GhanaWeb (2020a).”Panic hits social media as Ghana confirms first cases of coronavirus”. 12th March, 2020;

  25. GhanaWeb. (2020b). “Coronavirus: MPs to have to have their temperature tested before entering the Chamber. 12thMarch, 2020;

  26. GhanaWeb. (2020c). “Identity of Ghana’s first Covid-19 victim revealed. 23rd March, 2020;

  27. Graphic Online (2020a). WHO declares Covid-19 a global pandemic. 12th January, 2020;

  28. Graphic Online (2020b). UK MHRA approves Pfizer/BioNtech vaccine for emergency use. 2nd December, 2020;

  29. Graphic Online (2020c). US FDA approves Pfizer/BioNtech vaccine for emergency use. 9th December, 2020;

  30. Graphic Online (2020d). “FULL TEXT: Akufo Addo’s address on measures taken to combat coronavirus. 7th March, 2020;

  31. Graphic Online (2020e). “Coronavirus: Ghana enters into a partial lockdown, all borders and beaches closed. 23rdMarch, 2020;

  32. Graphic Online (2020f). “Accra, Tema, Kasoa, and Kumasi under partial lockdown”. 28th March, 2020;

  33. Graphic Online (2020g). “All Ghana Health Service Staff on Study Leave recalled for Coronavirus fight. 28thMarch, 2020;

  34. Graphic Online (2020i). “695 persons test positive at a fish processing plant in Tema” 19th May, 2020;

  35. Graphic Online (2020i). “Tullow Offshore Staff test positive to Covid-19” 31st May, 2020;

  36. Graphic Online (2020j). “Sekondi Takoradi Metropolitan Assembly MCE dies through Covid-19”. 31st May, 2020;

  37. Graphic Online (2020k). “Minister of Education test positive to Covid-19” 31st May, 2020;

  38. Graphic Online (2020k). “A former Secretary General of ruling Government succumb to Covid-19 at Korle Bu. 28thJuly, 2020;

  39. Hill, C. W., & Jones, G. R. (2012). Strategic management theory: An integrated approach. 10 Ed.). South-Western: Cengage Learning.

  40. Hobbes, T. (1985). Leviathan. London. Penguin.

  41. Hoppensteadt, F. C. (1982). Mathematical Methods of Population Biology. Cambridge University Press.

  42. Howlett, M., & Ramesh, M. (2003). Studying public policy: Policy cycles and policy subsystems. Ontario, Oxford University Press.

  43. Kahneman, D. and Tversky, A. (1979). “Prospect Theory: An Analysis of Decision Making Under Risk”. Econometrica: 47: 263-91

  44. Kermack, W. O., and McKendrick, A. G. (1932). A contribution to the theory of epidemics, Proc. Roy. Soc. (A) 115 (1972), 700-721, 139 (1932), 55-83.

  45. Khan, A., & Pessoa, M. (2010). Conceptual Design: A Critical Element of Government Financial Management Information System Project Technical Notes and Manuals (Washington: International Monetary Fund).

  46. Keynes, J. M. (1936). General Theory of Employment, Interest, and Income. New York.

  47. Lindblom, C. E., & Woodhouse, E. J. (1993). The policy-making process. Upper Saddle River. NJ: Prentice Hall.

  48. May, R. M., and Anderson, R. M. (1987). Transmission dynamics of HIV infection. Nature (326) pp 37-42

  49. McKendrick, A. G. (1926). Mathematics applied to medical problems. Royal Society, Edinburgh

  50. Mitnick, B. M. (1993). Corporate political agency: The construction of competition in public affairs. Newbury Park, CA: Sage Publications.

  51. Mitnick, B. M. (1973). Fiduciary rationality and public policy: The theory of agency and some Consequences. Paper presented at the 1973 Annual Meeting of the American Political Science Association, New Orleans, L. A.

  52. Nell, E. J., and Errouaki, K. (2011). Rational Econometric Man. Cheltenham: E. Elgar

  53. Pierre Bourdieu (2005). The Social Structures of the Economy. Polity 2005

  54. Quentin, S. (1978). The Foundations of Modern Political Thought: The Age of the Reformation Cambridge.

  55. Ross, S. A. (1973). The economic theory of agency: The principal’s problem. American Economic Review 62(2): 134-139

  56. Shapiro, S. P. (2005). Agency theory. Annual Review of Sociology. 31: 4.1-4.22

  57. Starrfmonline (2020). “Covid-19: Ghana goes to IMF, WB for Akufo Addo’s $100 million. 11th March, 2020;

  58. Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610

About Us

The Asian Institute of Research is an online and open-access platform to publish recent research and articles of scholars worldwide. Founded in 2018 and based in Indonesia, the Institute serves as a platform for academics, educators, scholars, and students from Asia and around the world, to connect with one another. The Institute disseminates research that is proven or predicted to be of significant influence for the general public.

Contact Us

Please send all inquiries to the email:

Business Address:

5th Floor, Kavling 507, Fajar Graha Pena Tower, Jl. Urip Sumohardjo No.20, Makassar, Indonesia 90234

Copyright © 2018 The Asian Institute of Research. All rights reserved

Stay Connected

  • Instagram - Black Circle
  • Facebook - Black Circle
  • LinkedIn - Black Circle