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Business News of Saturday, 27 June 2020


Coronavirus: It’s evident SMEs have been resilient – Dep. BoG Governor

Elsie Addo Awadzi, Deputy Governor of the Bank of Ghana Elsie Addo Awadzi, Deputy Governor of the Bank of Ghana

Second Deputy Governor of the Central Bank has lauded Ghanaian start-ups for been resilient despite challenges in the phase of the Coronavirus pandemic.

Following the outbreak of COVID-19 in the country, businesses have been hugely impacted with many having to close down or adjust by laying off employees.

Madam Elsie Awadzi has thus applauded Small Medium Enterprises (SMEs) for weathering the storm. She noted that in spite of the enormous challenges the sector faced before and during the lockdown, the resilience of the sector has also been evident.

“Even during lockdown, small food processing businesses, eateries, and others worked hard under very difficult and risky conditions to produce food and other products and services for households and other clients. Micro and small fashion businesses very quickly stepped in to help produce face masks for use by the public. Production of hand sanitizers and other health and safety products suddenly became possible in Ghana. With the continued easing of COVID-related restrictions, it is heart-warming to see that the MSME sector is slowly, but surely, bouncing back.”

The deputy governor of the BoG was speaking at a forum themed “MSME Manufacturing Capabilities, Responding to COVID-19 and Opportunities Beyond.”

She further stated her enthusiasm and relentless spirit of the Ghanaian entrepreneur, who against all odds, always finds a way to move forward in their business endeavours.

She added the need for Ghanaians to support the sector considering their input on the economy adding that “this spirit that needs to be promoted and supported to help build a stronger and more resilient Ghanaian economy, post-COVID 19.”

Read the full statement below.