Economic Impact of the COVID-19 Pandemic on the Oil and Gas Sector in Ghana

Fredrick Opare Baah Amoako, Hannah Donkor, Ellen Kwarteng, Emmanuel Fordjour
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Abstract

Historically, the petroleum industry has been a significant contributor to global economic growth. The drop in oil and gas demand, coupled with travel restrictions due to the COVID-19 pandemic caused a drop in global oil market prices. This has resulted in a drop in the output in the global economy. These drop-in output means that there were losses associated with the COVID-19 pandemic. The aim of this study is to evaluate and investigate the economic effect of the coronavirus pandemic on the oil and gas industry in Ghana. The evaluation was done using economic performance indicators such as GDP and Crude oil prices. In addition to this, a loss function-based algorithm was used to model the projected economic loss during this period. To demonstrate the model, data was collected from a study site and used in the model. The study is useful for decision making on the preparedness for future pandemics, especially in oil dependent countries.
2019冠状病毒病大流行对加纳石油和天然气行业的经济影响
从历史上看,石油工业一直是全球经济增长的重要贡献者。石油和天然气需求下降,加上COVID-19大流行造成的旅行限制,导致全球石油市场价格下跌。这导致了全球经济产出的下降。这些产出下降意味着与COVID-19大流行相关的损失。本研究的目的是评估和调查冠状病毒大流行对加纳石油和天然气行业的经济影响。通过国内生产总值(GDP)和原油价格等经济绩效指标进行评价。除此之外,还使用了一种基于损失函数的算法来模拟这一时期的预计经济损失。为了证明该模型,从一个研究地点收集数据并用于模型。这项研究有助于制定防范未来流行病的决策,特别是在依赖石油的国家。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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