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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    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

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

    Fuel prices to go up as NPA announces restoration of UPPF margin

    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    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

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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GCAA loses 95% revenue due to Airport closure to International Passenger Service

byEbenezer Afanyi Dadzie
June 17, 2020
in Business, Local Economy, Top Stories
Director General of the GCAA, Simon Allotey.

Director General of the GCAA, Simon Allotey.

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The Ghana Civil Aviation Authority has told Citi Business News that it has lost almost 95% of its revenue due to the coronavirus induced ban on international passenger travel.

The Director General of the GCAA, Simon Allotey, says they have also taken drastic measures such as pay cuts to remain in business.

Ghana’s main Airport, the Kotoka International Airport, was closed to passenger flights on March 22, 2020, although cargo transport is allowed, as well as special passenger services such as the evacuation of Ghanaians from elsewhere and other nationals out of Ghana.

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The impact of this has been enormous for hotels, restaurants, car rental services and other businesses in the hospitality industry that rely heavily on travelers to stay in business.

The regulator of air transportation in Ghana, the Ghana Civil Aviation Authority, has not been spared the adverse impact of the border closure. Its Director General, Simon Allotey, told Citi Business News the Authority is operating on virtually no revenue as its revenue has dropped by 95%.

“It’s impacted adversely on our finances because the bulk of our revenues were from the landing fee, the on roads or what we call, the overflights. The bulk of our revenues are also from the safety charges for both passengers and cargo, and most of these revenues have dwindled to zero. So, if you look at the revenues we had from these few exemption flights, I’d say we’ve lost about 95% of our normal revenue.”

Even though cargo flights and other specialized flights to evacuate stranded citizens to and from Ghana bring in some form of revenue, Mr. Allotey says this is just not enough to meet the huge expenditure items on its budget.

“If the plane does not fly, there is no revenue to the Authority. Of course, there are other fees we charge the airlines like the validation of the foreign air operator certificate which is done every two years. Apart from that, almost everything is based on aircraft movement,” he said.

On how the GCAA is rationalizing to stay afloat, the Director General said it has slashed salaries by 50%, while cutting down on new recruitment.

“We’ve come up with an arrangement with the workers Union to pay 50% of their salaries and the 50% we are withholding will be refunded in good times when situation normalizes. This way, it will keep the Authority going in terms of its financial obligations as long as possible,” he added.

In all these however, Citi Business News understands that none of the over thirty airlines operating international flights has given indication of shutting down, though some have been compelled to reschedule major operations which were due by the middle of the year.

What lays ahead of all airline operators and regulators alike are the measures to be put in place when the ban is lifted eventually.

Among others, Mr. Allotey says some new measures being discussed among members of the International Civil Aviation Organization, ICAO, is the issuing of COVID-19 pass as well as complying with the two weeks or fourteen-day mandatory quarantine being rolled out by some countries.

He however says this is likely to discourage travel due to increased cost.

While domestic airlines have resorted to reducing the number of passenger numbers on board, it appears this may not be possible with international airlines when they resume, as Citi Business News understands that airlines are opposing the move.

According to them, studies have failed to prove that people contract the coronavirus disease onboard flights.

Source: Pius Amihere Eduku|citibusinessnews.com|Ghana

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President and Board Chairman of Afreximbank, Prof Benedict Oramah

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Free SHS and other programs must be redesigned now – Seth Terkper

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