Since the beginning of the novel coronavirus which saw the most rapid surge amongst nations, a huge impact has been created in various economies and this has been evidently seen across the continent. Although it has impacted positively in some sectors other sectors have seen the negative side of this deadly pandemic. Notable amongst sectors affected are businesses especially Industries. Many companies and industries have folded up with the few left laying off workers in order to cut and as well save cost. While some have stopped operations, some are calling for support from government in order to carry on with operations.
According to the Industry and Commercial Workers Union in Ghana, some organizations are underpaying due to the impact of COVID-19 and therefore need urgent stimulus support from the government. The union said some of these institutions include VALCO and GTP.
Speaking during an interaction with the media, General Secretary of the Industrial and Commercial Workers Union (ICU), Solomon Kortei called for help from the government for the various industries.
“At the moment, if government is listening to us, most institutions are suffering and they are gambling for breathe and stimulus packages is what we were looking forward that we will get to some institutions for example, Aluworks, GTP, Valco and a host of them including Graphic, Times, who are looking forward to that. They need a life support to enable them be on their feet.
“He also added that, petitions have been made and we think government that we have trusted, with their up and doings will give forth that support to them so that they will be able to cope with circumstances.”
President Nana Addo Dankwa Akufo-Addo, in April, announced a soft loan scheme of up to GH¢600 million for SMEs, which would sustain the country’s affected industries and address the disruption in economic activities caused by the COVID-19 pandemic.
He said that government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business and Trade Associations and selected commercial and rural banks, will roll out a soft loan scheme up to a total of GH¢600 million, which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses.
In view of the impact of the disease on Ghana’s economy, which is expected to cost in excess of GH¢9 billion, the government set aside a stimulus package of GH¢1 billion for industries.
Additionally, the government established a COVID-19 National Trust Fund to receive donations for disbursement to individuals who have been negatively impacted by the disease.
Industry and Commercial Workers Union, which is the largest union in Ghana with a membership of about 5000 members from all over the country is made up of organizers of workers engaged in Banking, Insurance and Non-banking Financial Institutions, Hotel Catering and Allied Undertakings, Retails and Commercial Undertakings, Paper and Printing Industries, Public Boards and Corporation, Textiles Garment, Leather and Fur and metal and Automobiles.
