Tag: Coronavirus
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GCAA loses 95% revenue due to Airport closure to International Passenger Service
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,…
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BP to cut 10,000 jobs as virus hits demand for oil
BP has announced plans to cut 10,000 jobs amid following a global slump in demand for oil because of the coronavirus crisis. This is according to the BBC. The oil giant had paused redundancies during the peak of the pandemic but told staff on Monday that around 15% will leave by the end of the…
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Jerry Afolabi writes: The COVID-19 effect and Ghana’s economic outlook for 2020
Ghana’s economic outlook is not healthy according to the key economic indicators. The most critical indicators are interest rate, inflation, exchange rate and debt accumulation as a percentage of gross domestic product (GDP) which measures the nation’s production output. The GDP growth rate is expected to fall below the 5% and 6% ideal range for…
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Raymond Nuworkpor writes: Drilling through a broken oil market, repercussions for our local market
International Brent Crude plummeted momentarily on Tuesday, 21st April, the lowest since 21 years ago, but recovers a day after to hover around $20 a barrel. As the novel Coronavirus lockdown grind down many facets of our lives i.e. a grounded airline industry, a drowning hospitality sector, a quandary health industry, a crumpled supply chain…
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David Pilling writes: Why we should be selfish and provide Africa debt relief
African governments are asking for a debt standstill in the face of coronavirus. The poorest countries want substantial portions of their borrowing to be wiped clean. Critics will cry “moral hazard” and point out that we have been here before. From 1996, when a big debt relief campaign was launched by the World Bank and…
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Ken Ofori-Atta writes: ‘What does an African finance minister do now?’
It’s 5:00am and I stir. My stomach feels cramped. I have slept no more than four hours. My mind races. The problems cascade through. I hear the birds and do my meditation. My wife Angie and I are in the middle of an Easter study on the Book of Daniel, and I can’t help but…
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COVID-19 to lead Sub-Saharan Africa into recession in 2020 – World Bank
The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank has said in a new forecast on Thursday. The bank’s Africa’s Pulse report said the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the…
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Markets in Ashanti Region to be disinfected today in COVID-19 fight
There was brisk business at markets and shopping centers in the Ashanti Region on Thursday, March, 26, 2020, ahead of Friday’s exercise to disinfect markets and other commercial spaces. The exercise, which started in Greater Accra Region, is part of government’s efforts to prevent the spread of the novel Coronavirus. Authorities in the region have…
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Business yet to pick up fully at Madina Market after disinfection exercise
Some traders at the Madina Market in Accra say they’re yet to experience a full resumption of business activities following Monday’s disinfection exercise at the market by government in a bid to curtail the spread of the coronavirus pandemic. The traders say although business has been quite slow, they’re hopeful things will pick up in…
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Chamber for Tourism Industry seeks tax cuts to mitigate impact of COVID-19
In order to avoid or mitigate the impact of a possible recession as the novel Coronavirus continues to spread, operators in Ghana’s tourism and hospitality industry in Ghana are calling on government to urgently consider some financial support for the sector. According to them, this will aid in solidifying the gains made from the Year…