A situational analysis on the impact of Coronavirus Disease (COVID-19) pandemic on the Ghanaian private sector has recommended the need for businesses to undertake COVID-19 impact assessments on their operations.
This is expected to enhance the sector with scientific data on the actual impact of the pandemic on their businesses to enable them institute effective measures aimed at remaining in business.
The recommendation was contained in a communique issued at the close of the Institute of Directors-Ghana (IoD-Ghana) Corporate Roundtable Board Chairs seminar held recently, chaired by Mr. Tony Oteng-Gyasi, a former President of the Association of Ghana Industries (AGI).
The communique asserts that it is imperative businesses document strategic mitigation and survival methodologies and ensure sustainable implementation to avoid any further shocks.
According to the Institute, the forecast for both global and Ghana-specific, national economic indicators of the COVID-19 pandemic is even direr, and thus it has become necessary for practical reflections on the way out of the situation, thereby suggesting effective tools for the business community to use to adjust.
“Local production has become imperative and businesses should look at ways to replace imports with locally sourced goods… Businesses must be focused on short-term survival strategies till September 2020, allowing another eighteen (18) months for the dust to settle whilst keeping tabs on global reactions.
“Businesses should develop immunity through strategic capacity development for the new normal till situation eases”, the communique states.
The engagement is the first in a series of planned interactions among Chairs of Boards. The Institute notes that it considers these recommendations as strategically relevant to the survival and growth of Ghanaian businesses in this era of COVID-19 pandemic.
Realistically, the pandemic has changed the face of doing business and businesses across the globe are having to re-strategize not only to remain in business, but also to be competitive.
A number of key government institutions and agencies have already commenced institutional assessments to better understand the current and future impact of the COVID-19 pandemic on their activities.
This will enable such to conduct an assessment of the extent to which the disease is further impacting on their respective activities which would enable them meet the most relevant and urgent needs of the private sector.
Collapse of businesses coupled with loss of jobs are some major shocks this new global pandemic is ravaging on world economies. Small and Medium-sized Enterprises (SMEs) are projected to be hit hardest, potentially resulting in huge job losses.
Due to this, various assessments indicate that it is vital for effective measures be instituted to reinforce the economy to withstand any further shocks.