Global pandemic continues to have dire consequences for business in Ghana

According to business owners in Ghana, the impact of Covid-19 on doing business in the country has been significant. Image credit: Pixabay

11 August 2021 – According to the Association of Ghana Industries (AGI) Business Barometer Report, the global pandemic Covid-19 continues to have dire consequences for business in Ghana.

According to the Association of Ghana Industries’ (AGI) latest Business Barometer Report survey, business owners regard Covid-19 at the top challenge facing business since the second quarter of 2020. Even though the latest survey showed a drop from 30% to 27% in the number of business owners who reported that the pandemic posed a challenge, the impact of Covid-19 is still regarded as a major risk and the number one challenge to overcome this year.

In the latest survey, the high cost of electricity moved up to become the second major bottleneck for industry. Uncompetitive electricity tariffs, coupled with the withdrawal of the free electricity enjoyed in previous months, severely impacted businesses.

According to the report, the high cost of freight is another major challenge that continued to drive up the cost of imported raw materials.

Governance of the country’s natural resources

In other news from Ghana, the Vice President, Mahamudu Bawumia, has called on stakeholders in the forestry sector to stem illegal activities affecting the country’s natural resources, particularly deforestation in the Northern Regions.

According to the Tropical Timber Market Report, Bawumia gave the assurance that government would promote good governance in the exploitation of the country’s mineral and forest resources to promote sustainability and safeguard the environment.

At the same time the Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, highlighted the many policy interventions government had put in place to tackle the issue of illegal activities.

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