Business News of Tuesday, 1 December 2020
The Association of Ghana Industries (AGI) has disclosed that the majority of its members are confident that by the middle of next year, the worst effects of the coronavirus pandemic would have been dealt with.
CEO of the Association, Seth Twum Akwaboah, said about 80% of industries believe that all things being equal with no second wave, by July 2021 they should be able to fully recover.
Mr Akwaboah was speaking at the IMANI-GIZ Policy Dialogue on COVID-19 and its Impact on Ghanaian Businesses.
He indicated that the COVID-19 situation taught businesses to focus internally to produce to meet local demands.
According to him, demand patterns also changed and industries producing some essential commodities were able to take advantage of it.
He stated that in the short-run businesses cannot change the factors of production, so it is not able to change to produce all the goods needed in the market.
Also present at the event held last week was the Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, who gave insights into the impact of the pandemic on Civil Society Organisations (CSOs).
He revealed that the pandemic period was a difficult time for the think tanks to survive.
He indicated that running projects that were being funded by external partners were cancelled during the pandemic.
“That meant you had to look to where you can cut at the top to feed those beneath to ensure the business continues,” he said.
That point was buttressed by Founding President of IMANI Africa, Franklin Cudjoe, who indicated that CSOs have been suffering silently for so long.
He indicated that IMANI lost about three major funders due to COVID-19.
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