GACL received GH¢43 million COVID-19 support in 2020 – Report

New Terminal 3 Kotoka Internasdational Airport In Accra The GACL was part of eight specified entities that requested for financial support

Sun, 10 Apr 2022 Source: aviationghana.com

The Ghana Airports Company Limited (GACL) received some GH¢43.4million financial support to cover payroll expenditure and help mitigate adverse effects of the COVID-19 pandemic on their operations at the height of the COVID-19 pandemic in 2020, the 2020 State Ownership Report published by the Ministry of Finance has revealed.

The airports operator was part of eight specified entities that requested for financial support to cover their overhead in the year in review. Seven out of the eight SOEs received financial support.

“Five (5) Specified Entities—two comprising three (3) SOEs and two (2) JVCs– were given direct Government support amounting to GH¢72.6 million.

Two (2) other Entities, both SOEs, were granted no-objection to borrow on their own balance sheets to the tune of GH¢54.90 million,” the report noted.

The GACL was one of the few state-owned entities capable of sourcing for funds on the back of its own balance sheet few years ago.

However, the onset of the COVID-19 pandemic in March 2020, heavily negatively impacted financial fortunes of the company; forcing it to turn to central government for support.

Ghana Airports Company Limited (GACL) was established as a result of the decoupling of the existing Ghana Civil Aviation Authority (GCAA) in line with modern trends in the aviation industry.

The Company was registered in January 2006 with the responsibility of planning, developing, managing, and maintaining all airports and aerodromes in Ghana. These include the Kotoka International Airport, Kumasi Airport, Tamale Airport, Sunyani Airport, Ho Airport, Wa Airstrip and other airstrips.

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Source: aviationghana.com
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