Editorial: COVID-19 slowly taking a toll on the economy

Latest figures from the Ghana Immigration Service show that cargo inflows have dropped by around 50–60 percent since passenger inflows went down more than 60 percent, Ghana’s travel advisory has announced.

Cargo Manager at Aviance Ghana, Richard Baah, noted that they have realised a sharp decline in cargo from China and some European countries since the outbreak of COVID-19. Though Mr. Baah adds that for the past three years Aviance Ghana has been witnessing slow cargo delivery in first quarter of the year, the pandemic has further slowed business.

This state of affairs is no easy matter for the nation, as businesses are finding it difficult to cope with the consequences of what appears to be a lead-up to some sort of global recession. Government is likely to miss its first quarter revenue targets as a result of the spreading virus. Business has slowed, and this could impinge on revenue generation…and we still do not when this episode will abate.

The impact is cutting across all sectors of the economy; from aviation, tourism, trade, education to even religion. We are definitely not in normal times, and there are calls for some form of stimulus package for struggling businesses.

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The Finance Ministry has promised to assess the economic impact properly and get back to the Ghanaian public, so that people’s concerns can be assuaged.  Manufacturing and trading activities have also slowed down, and the impact is cutting across every sector of the economy.

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