COVID-19: Monthly revenue of agribusiness firms fall by over 60 percent - Report
- A survey by the Chamber of Agribusiness Ghana shows that agribusinesses in Ghana have generally experienced a decline in revenue
- The report showed that COVID-19 has led to an average of a 61.2% fall in average revenue
- A number of factors have been identified as possible reasons for the decline in revenue
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Agribusinesses in Ghana have generally experienced a 61.2% fall in average revenue since the outbreak of COVID-19, reports say.
This was the result of a survey conducted by the Chamber of Agribusiness Ghana on the effects of COVID-19 on agribusinesses in the country.
The survey showed that small-scale agribusinesses were the worst affected and suffered about a 77.4% fall in revenue.
READ ALSO: COVID-19: Ghanaian cashew farmers reduce price from GHC8 to GHC2
Per a report by classfmonline.com, a number of factors have been outlined as possible reasons for the decline in revenue.
They include undeveloped or poorly-developed business linkages, weak incorporation of technology, including information communication technology, processing, poor raw material supply chains and inventory management.
The report further revealed that the larger agribusinesses experienced fewer challenges and the reasons could be attributed to good work or employee arrangements, improved raw material supply chains and good market arrangements.
YEN.com.gh understands that the report showed Ghana has no clear plan to provide support for sector places from the COVID-19 outbreak.
Meanwhile, YEN.com.gh has learned that some people have expressed fears over a possible food shortage after Ghana has been rid of the coronavirus.
Farmers, Civil Society Organisations (CSOs) and other stakeholders have, therefore, urged President Akufo-Addo to implement strategies that would improve the lives of Ghanaians.
While commending him for the measures aimed at controlling the spread of the coronavirus, they also claimed there is a need to avert possible threats to food security.
READ ALSO: COVID-19: Fresh report shows that Ghanaians will pay more for food in the coming weeks
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Source: YEN.com.gh
