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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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We’re considering support for hard-hit hospitality sector – Akufo-Addo

May 6, 2020
in Local Economy, Top Stories
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The President, Nana Akufo-Addo, says government is in the process of designing a unique model of intervention for the country’s hospitality industry following the severe impact of COVID 19 on their operations.

According to the President, government’s intervention is more crucial in these times especially in the wake of challenges such as the low patronage of hotels and tourism sites.

Speaking at a meeting with players in the hospitality industry at the Jubilee House on Tuesday, Nana Akufo-Addo reiterated his administration’s commitment to ensure the survival of the hospitality industry in the face of the difficulties caused by the COVID-19.

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“I think it is well understood that the hospitality sector has been one of the hardest hit. Everybody has been very badly hit by this pandemic. We as a government have to have a clearer understanding of where are, what we have, and then of course, to see to what extent our intervention can help redress the situation,” he said.

In April, the Ghana Hotels Association urged the government to support the payment of staff of its members who have been asked to stay home due to low patronage of their facilities.

Give us support

The President of the Ghana Hotels Association, Dr. Edward Ackah-Nyamike, said hotel managers may be compelled to lay off workers and stop paying salaries.

“The stimulus package we are talking about is more or less about how to maintain our staff. A lot of the hotels have been able to pay salaries for the month of March, but the challenge is going to be one of April. Quite a number of them have shut down and the big question is what happened to the staff. So we are hoping that, if possible the government could support paying some of the staff members and keep them on the payroll till when things get better. We don’t want to lay off workers after all the investment in training and then when things change we have to go and recruit again which will be far more expensive. We are not asking for full salary support but something that can sustain them,” he said.

Some major hotels in Accra have already shut down their operations due to low patronage as the country’s borders remain closed to travelers.

COVID-19 impact: National Hospitality Assoc. calls on Gov’t for emegency support

The National Hospitality Association of Ghana (NHAG), recently called on government to negotiate with the Social Security and National Insurance Trust (SSNIT) to pay 50% salary of employees over a period of six-months as part of emergency assistance in the wake of the coronavirus pandemic.

The Association made up of 60 mainline restaurants and eateries in Accra, Tema and Kumasi, says the prospects of a recovery for the industry is even becoming more remote each week.

Government has already offered some temporary relief to Ghanaians in the delivery of water and electricity services, as well as some tax incentives to frontline health workers and other groups.

It has received approval from Parliament to spend some GHS1.2 billion cedis from the Contingency Fund to support Ghanaians and revive the economy, alongside a $1 billion credit facility from the International Monetary Fund to fight the pandemic and revive the economy.

It has also allocated a loan amount of GHS600 million cedis to support struggling Small and Medium Scale enterprises.

Source: Jonas Nyabor / citinewsroom.com
Tags: COVID-19Ghana Hotels Association
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