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Business News of Friday, 26 June 2020


Coronavirus: I lose over $4 million monthly – McDan

Daniel McKorley, Chief Executive Officer of the McDan Group Daniel McKorley, Chief Executive Officer of the McDan Group

The Chief Executive Officer of the McDan Group, Daniel McKorley, has said his outfit has sustained significant financial losses as the COVID-19 pandemic spirals.

The threat of the virus has impacted all aspects of Ghana's economy and the private sector has not been spared.

Speaking on Joynew’s programme, PM Express on Thursday, Daniel McKorley said his business has been hard hit making him lose over 4 million dollars each month.

“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.”

He further indicated that although times are hard, there is the need for businesses to re-engineer its focus.

“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.

The Coronavirus (COVID-19) pandemic is expected to have a significant adverse impact on the global economy.

Governments of Ghana has implemented various fiscal measures to mitigate the adverse effect and provide relief for businesses and households.

Ghana has amongst other measures initiated a Coronavirus Alleviation Programme (CAP) to cushion the operations of medium and small scale enterprises.

A GH¢1 billion stimulus package was launched by President Nana Addo Dankwa Akufo-Addo on Tuesday, May 19 2020, 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).