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Effects Of Covid-19 On Ghanaian Businesses

Covid-19 is a global pandemic which has caused a halt to many activities worldwide including businesses. Businesses around the world are being severely impacted by Covid-19 including Ghana. A lot of businesses world wide anticipate falling into debt as a result of Covid-19. The following discusses on the effects Covid-19 has had on Ghanaian businesses since its outbreak.

Covid-19 has brought about workers being layed off leading to low production and quality of goods. Ghana is one of the countries that has been hard hit by Covid-19, especially the business sector. Everything concerning business is falling apart, like patronization, productivity and many more activities that leads to the development of any business.

With this, companies and businesses are running into losses leading to laying off some of its workers, this is because there is no money to pay them. When workers are being relieved off their duties, productivity drastically reduce since the fewer workers left would not be able to cover that much work as compared to the number of workers needed for that work.

With this, the quality of products would also reduce since there would be high pressure on the fewer workers left.

One of the effects of Covid-19 on Ghanaian businesses is loss of their customers. When the Covid-19 pandemic seemed to be getting out of hand, some part of the country was shut down for two weeks including the greater Accra region. Most of the high quality production businesses are located in the greater Accra region, and since movement was restricted there, whole sale buyers resorted to other businesses which at some point turned to do better than their previous works. With this they did not go back doing business with those businesses they used to do business with which led to those businesses running into loss since purchase was now low.

Covid-19 also brought about the increasing in prizes of raw materials for production. In Ghana, most of the raw materials needed for production is acquired by importing them. Since the outbreak of Covid-19, imports and exports was brought to a halt for some time which made raw materials limited in the country. With this, there is high demand for the few available raw materials left which led to the increasing of prizes of raw materials.

Businesses run into losses as a result of the Covid-19 pandemic. Covid-19 has interrupted the financial status of each and every single individual of Ghana, which means people resort to buying fewer products or not spending at all to manage with what they have in other to cut down expenses and save money leading to businesses running into loss.

Another reason businesses run into loss is because people are fear to go out because physical distancing is one of the protocols to follow so one does not contract Covid-19, so they prefer to stay in their homes and manage the few products available leading to businesses running into loss.

The effects of Covid-19 on Ghanaian businesses are not only negative ones, but some turned out to be positive, like developing new strategies in business such as selling products online. The online method of selling products has proven to be a success in many countries since a lot of people spend a lot of time online. This is because businesses would get to advertise to more people online and also reaching more people interested in their products leading to more patronage.

Content created and supplied by: KLord (via Opera News )

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