Averagely, foreign investors operating in Ghana have lost $75,000 in the second quarter of the year 2020 due to the impact of the COVID-19 on their businesses.
The loss has dwindled the operational capacity of 51.43 percent of these businesses.
This was contained in a survey conducted by the Ghana Investment Promotion Centre (GIPC) on the effects of Coronavirus on foreign businesses operating in Ghana from April 1 to June 12, 2020.
According to the survey, 51.4 percent of the respondents reported a revenue loss exceeding 100,000 dollars while the rest of the participants said they have lost between 100,000 to 1,000 dollars.
The survey reported that the loss was due to COVID-19 restrictions implemented globally that disrupted the demand and supply chain of businesses which depends on imports as inputs and tourists as customers.
“The reduction in demand for products and services translated into revenue losses and this may result in a 40 percent of job loss,” the survey added.
To this extent, the government interventions roll out to alleviate the hardship faced by the foreign firms as a result of the outbreak of the virus in the country where necessary, the survey said
“For example, the extension of due dates for filing of taxes, reduction in tariffs on imported inputs, low-interest loans and reduction in utility bills, according to participants, were having a significant impact on their businesses,” it added.
Osei Owusu Amankwaah, ISD
