Author: Lawrence Segbefia
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Top hotels in Accra shutdown due to poor patronage over COVID-19
As the economic impact of the COVID-19 pandemic continues to widen globally and here in Ghana, Citi Business News has learnt that some major hotels in Accra have shut down their operations due to low patronage. Prior to this, some laid-off casual workers, and were preparing to cut down on permanent staff. Some top hotel…
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COVID-19 stimulus package must go to critical areas of economy – Economist
Economist, Dr. Lord Mensah, is urging government to direct its incentives aimed at mitigating the impact of the COVID-19 on businesses to critical sectors of the economy such as agro processing. He cautioned that even though players in the hospitality and tourism industry are asking for support, injecting funds into those areas may not yield…
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COCOBOD CEO, deputies donate salaries, hand sanitizers to aid COVID-19 fight
The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, and his three deputies, have donated 50 percent of their salaries for three months, and a cash amount of GH₵ 200,000 to support the fight against COVID-19 in the country. In addition, Mr. Aidoo on behalf of COCOBOD presented 5000 gallons of…
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Gov’t revenue target to drop significantly due to impact of COVID 19 – Finance Minister
Finance Minister, Ken Ofori-Atta, says Ghana will record a significant drop in revenue target for 2020 due to the COVID-19 pandemic. He warns that the country is recording a huge decline in revenue from the port, petroleum revenue receipts as well as tax revenue due to economic slowdown being witnessed as the world fights the…
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ADB commits GH¢1m to Ghana’s COVID-19 fight
The Managing Director of Agricultural Development Bank (adb), Dr. John Kofi Mensah, has announced a GH¢1 Million package to support the government’s fight against the novel Coronavirus (COVID-19) pandemic. The decision according to Dr. John Kofi Mensah was taken at a Board Meeting last week. He says the amount is to be used to purchase…
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COVID-19: Reducing cost of our services over low patronage not prudent – Hotel managers
Some hotel managers in Accra have rejected calls for a reduction in the cost of their services to increase patronage. In the wake of the spread of the COVID 19 pandemic, some hotels are struggling to stay afloat, as bookings have reduced drastically, forcing some to lay-off some casual workers. As a result, some have…
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Impact of COVID-19 could slow Ghana’s growth rate from 7 to 2.5% – Akufo-Addo
The effect of the COVID-19 pandemic could affect Ghana’s growth rate from 7 percent on average to 2.5 percent if the situation persists till the end of 2020, President Akufo-Addo has stated. The President, who made the announcement last Friday when he announced a partial lock-down in parts of Accra, Kumasi, Tema, and Kasoa, said…
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GREDA appeals to banks to renegotiate interest on loans due to impact of COVID-19
The Ghana Real Estate Developers Association, GREDA, is appealing to government to impress on banks to renegotiate loan agreements with its members due to the economic impact of the COVID-19 pandemic. According to the Association, government’s measures aimed at containing the spread of the disease, has negatively affected the construction industry due to the high…
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Event Vendors lament locked-up cash after cancellation of events over COVID-19
Event Vendors Association of Ghana, an umbrella body for event companies in the country, says many of its members have been hit hard by the economic impact of the COVID-19 pandemic. Due to the ban on public gatherings and the practice of social distancing in a bid to spread the virus, many events locally and…
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Gov’t appeals to telcos to waive cost of accessing online educational materials
The Ministry of Education has appealed to telcos operating in the country to waive all charges on educational content for students as government plans to roll out a virtual learning platform due to the COVID-19 pandemic that has led to the closure of schools. President Akufo-Addo directed schools in the country to shut down for…