The Greater Accra Regional Coordinating Council says available data from the Ghana Statistical Service reveals that Ghanaian businesses suffered an average decline in sales by over 51 percent leading to the closure of businesses and joblessness.
According to the government, this was a result of the devastating impact of the COVID-19 pandemic.
Speaking at the 65th Independence Anniversary Celebration at the El Wak Stadium in Accra under the theme, working together, bouncing back together, the Greater Accra Regional Minister, Henry Quartey called for a collaborative effort in rebuilding the economy.
“The pandemic caused massive economic and social disruption. Hundreds of enterprises and business ventures in Ghana were affected and faced threats. Findings of the COVID-19 business tracker survey conducted by the Statical Service and UNDP indicated that Ghanaian businesses suffered an average decline in sales, leading to the closure of businesses and job losses.”
The Minister expressed his appreciation to international donors for their investments in reviving local businesses affected by the pandemic.
“Permit me to use this occasion to acknowledge the unflinching support of the World United Nations Development Programme, UNDP for the significant investments made so far in the Ghanaian economy to complement the government’s efforts to resuscitate local businesses to withstand the shocks of the pandemic.”
The government had earlier indicated that the cumulative effect of the pandemic would cost Ghana GHS9.505 billion.
It had said out of the GHS1.2 billion earmarked for Coronavirus Alleviation Programme Business Support Scheme, GHS600 million will be disbursed as soft loans to micro, small and medium scale businesses with a two-year repayment plan.
Persons who access these loans will have a one-year grace period before beginning repayment on an interest rate of 3 percent.
The government expected the entire scheme to attract some 180,000 beneficiaries across the country.