The Chief Executive Officer (CEO) of the McDan Group, Daniel McKorley, has disclosed that his business loses over $4million each month due to the COVID-19 pandemic.
The businessman who is into logistics and airline business amongst others told Accra-based Joy News that he believes his firm is one of the hardest hit due to the pandemic.
The COVID-19 pandemic has affected all aspects of the economy in Ghana and the world at large.
“My business has been hard hit. You know I am in the logistics, airline business amongst others. No aircraft is flying in terms of passenger, cargo. It is only the vessels that are moving. I am losing over 3 or 4 million dollars every month.”
Mr Mckorley said that even though these are hard times businesses need to re-engineer themselves to survive.
“I am managing and you can see how the world is reacting to COVID-19. Now, we all have to take a step back and re-think our businesses, have a new focus, and be more inward in thinking,” he explained.
To mitigate the effect of COVID-19 on businesses and households, the governments of Ghana has put in place various fiscal measures.
One of such is the Coronavirus Alleviation Programme (CAP) to reduce the effect of the pandemic on medium and small scale enterprises.
On Tuesday, May 19, 2020, President Akufo-Addo launched a GHC1 billion stimulus package to be benefitted by (MSMEs) in the country.
In Ghana, Micro, Small, and Medium Enterprises (MSMEs) account for 92% of businesses and contribute to about 70% of Gross Domestic Product (ISSER, University of Ghana, 2015).