Covid-19 Pandemic: Economic Recovery Not Assured In 2021-Energy Expert

An expert in the downstream petroleum industry in the Republic of Ghana, West Africa, Senyo Hosi believes it will take some time for the businesses and the nation to recover from the adverse impact of the coronavirus pandemic.

In a New Year message to Ghanaians, Mr. Hosi, who is also the Chief Executive Officer of Chamber of Bulk Oil Distributors (CBOD), said: “We have survived 2020 with all its challenges and surprises.”

In his view, though there is no assurance that businesses impacted by covid-19 would recover in 2021, he believed there was the need for businesses and the country to forge on in order to win and make impact in 2021.

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“This year, 2021, is not assured recovery. It may be a hard recovery but let’s never give up,” he encouraged Ghanaians.

According to the results from a new COVID-19 Business Tracker Survey conducted by the Ghana Statistical Service (GSS), in collaboration with the United Nations Development Programme (UNDP), and the World Bank, about 770,000 workers (25.7 percent of the total workforce) had their wages reduced and about 42,000 employees were laid off during the country’s COVID-19 partial lockdown.

The pandemic also led to reduction in working hours for close to 700,000 workers.

The survey was carried out between May 26 and June 17, 2020, across the country to assess how the novel coronavirus has impacted on private businesses. Some 4,311 firms were interviewed.

The data also showed that during the lockdown, about 244,000 firms started adjusting their business moduls by relying more on digital solutions, such as mobile money and internet, for sales. Firms within the agricultural sector and other industries used relatively more digital solutions (56 percent), with establishments in the accommodation and food sector being the least that adopted digital solutions (28 percent).

In the oil and gas sector, over 500 workers lost their jobs with some having their salaries slashed.
The CBOD boss also explained that the future of many Ghanaians may depend on the victory of the businesses, and urged them to press on.

“The future of many may just depend on our victory. Prepare for the worst and hope for the best,” he tasked players in the industry.

Source:www.energynewsafrica.com