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Business News of Wednesday, 25 March 2020


Coronavirus: Industry gears up for disruptions - AGI

Mr. Seth Twum-Akwaboah, Chief Executive of AGI Mr. Seth Twum-Akwaboah, Chief Executive of AGI

With no signs of decline in the cases of Coronavirus erupting across the world, industry in Ghana is gearing up for a possible imminent disruption in production.

Industry have expressed the worry that although the direct effects of COVID-19 on production levels in Ghana are currently yet to be felt, soon than later, it would face production disruption due to international trade disruption that will affect both import and exports.

In an interview the Chief Executive Officer of the Association of Ghana Industries (AGI), Mr. Seth Twum-Akwaboah said, “there is a lot of slowdown in the system, because industries are dependent on a lot of things, but generally speaking we could see that there is a lot of goods still on the market.”

“They are still producing and supplying the market, so it has not been that negative yet. But we just pray that it doesn’t deteriorate further, because if it does, it will definitely affect industries.”

The biggest impending danger is the inability of manufacturers in Ghana to secure critical imported raw materials and intermediate inputs, as well as spare parts for production equipment.

With the impending disruption, industry is aiming at providing the local market with the products which are essential for the survival of citizens, if nothing else.

Mr. Twum-Akwaboah said,” In time like this, people focus on the essentials of life, such as food, tissue, sanitizers, and medical supplies. That is where the concentration is.”

Last week, the government engaged the AGI as part of measures to cushion the economy against the expected impact of the coronavirus pandemic.

Mr. Twum-Akwaboah noted that the meeting was essentially to explore the critical needs of industry and to identify critical products that it needs to ensure consistent supply during this period.

This was to give a clarity on the policy actions that are going to come and what type of economic stimulus plans that government will be able to provide.