Wednesday, March 3, 2021
Home BUSINESS AGI member-companies revenue losses are very worrying – CEO of AGI

AGI member-companies revenue losses are very worrying – CEO of AGI

Over 1,000 member-companies of the Association of Ghana Industries, AGI, have witnessed a shrunk in their profits due to the impact of the novel Coronavirus pandemic affecting the world and business operations.

The pandemic caused many businesses to take some drastic decision which they never expected to take. Many companies have had to resort to reducing their staff numbers which have had an impact on their output and profitability.

Speaking to the CEO of AGI Seth Twum-Akwaboah on the impact of COVID-19 on manufacturing companies in Ghana, he noted that the impact has been very deep and worrying.

“This is serious. Our members cut across twenty-three different sectors especially those in the hospitality and manufacturing sectors who are having various challenges. All of them are facing it in one way or the other. Unfortunately, we don’t have figures to show the revenue loss, but I can tell it is very troubling,” he said.

A survey conducted by the Ghana Tourism and hospitality industry has indicated that, between March and June, operators in both formal and informal sectors were going to experience about 171 million dollars losses due to the pandemic.

However, Ghana’s hospitality and tourism sector are one of the hardest hit by the COVID-19 pandemic, this is because the sector was projected to create about a million jobs while contributing about 6.2 per cent to Ghana’s GDP but this is becoming difficult to achieve.

By Amos Ekow Coffie | talksafrica.com

Leave a Reply

Most Popular

Recent Comments