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Coronavirus: Over 100 businesses lose GH¢39.8m

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The Ghana National Chamber of Commerce and Industry (GNCCI) has disclosed that about 108 businesses have lost some GH¢39.8 million as a result of the novel Coronavirus which engulfed the country two months ago.

The study indicated that businesses that have felt the impact since the outbreak of the disease consist of micro and large enterprises. The affected firms lost between GH¢22,500 and GH¢600,000 within the last three months.

President of the Chamber, Nana Appiagyei Dankawoso I, made the revelation at a virtual seminar organized by the GNCCI themed “COVID-19: Strategies for Business Survival and Growth.”

According to the GNCCI president, the findings by his outfit suggested that the GH¢600,000 to be disbursed among 200,000 small and medium enterprises was inadequate.

Nana Dankawaso I added that the “delay in the disbursement of the stimulus package is further worsening the plight of SMEs.”

“The chamber urges the government in consultation with the financial industry players to urgently make known the modalities required to enable large enterprises to access the GH¢3 billion syndicated loans. Businesses need to be supported and this must be done quickly.

“Across the business sectors, the results also show varying effects of the pandemic in terms of lay-offs, short-time working hours, workers on paid leave, and workers made redundant. Across firm sizes, small enterprises are faced with highest lay-offs and redundant workers.

“Medium enterprises also have highest expected lay-offs and workers on paid-leave while large enterprises have highest short-time working hours,” he added.

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