Coronavirus: Businesses have come to a standstill – Dr. Obeng

Traders across the globe have lamented how the outbreak of the deadly Coronavirus has had a rippling effect on businesses of which Ghana is of no exception.

Businesses have come to halt as about 60% of Ghanaian traders physically travel outside the country’s borders to buy their goods directly from the manufacturer(s).

Others who make business virtually have also complained about the ordering patterns now which causes delays in the delivery of the items to the buyer.

President of the Ghana Union of Traders Association, Dr. Joseph Obeng in an interview with GhanaWeb's Ernestina Serwaa Asante, he stated that, “few of us who do normal transactions on the internet…with our suppliers because we buy from maybe a manufacturer so you place your order, pay your deposit through the bank and you don’t have to necessarily travel…but the ordering patterns have all changed.”

He explained that, “if first, you are able to order your goods …and within three weeks the goods are produced for you, and they are saying that this time, your goods will be ready for about three months before you ship them and all that. It means it is impeding your rate of turning your capital over and it is not helping us.”

Dr. Obeng indicated that aside consumables that are purchased more, non-consumable items like hardware and clothing have been badly hit with low sales, adding that “as much as this problem will persist for a time, I think trading activity will not be in the normal times.”

The GUTA president bemoaned that due to the fight against the coronavirus, government, financial institutions do not issue suppliers credit for traders any longer and “nobody is ready to give financial assistance or credits.”

However, he lauded some banks who are offering traders a 3-6-month loan deferment to help lessen their burden in these trying times.