COVID-19: Ghana likely to earn over GHc300m from production of face masks
- Professor Douglas Boateng, who is an expert in supply chain, logistics, and industrialisation, has called for increased attention on the production of face masks
- According to him, the industry could generate over GHc300 million in revenue for the country
- He explained that challenges such as COVID-19 are also opportunities for keen-eyed entrepreneurs
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An expert in supply chain, logistics, and industrialisation, Professor Douglas Boateng, has predicted Ghana could earn about GHc300 million from the production of face masks.
According to him, the outbreak of the coronavirus has led to a booming industry that could generate income for Ghanaian entrepreneurs.
He added that there is an increased demand for Personal Protective Equipment (PPEs) and with the instruction from the government to everyone in Ghana to wear a mask, it could be an avenue to be explored.
Source: UGC
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Per a report by thebftonline.com, Professor Boateng went on to say that every crisis presents opportunities and the outbreak of COVID-19 is no exception.
He further indicated that Ghana’s population currently stands at an estimated 31.7 million and at least 65% of the population require face masks.
Professor Boateng noted that the 20 million who require it may need about three on average, revealing a need to produce about 60 million masks.
He went on to say that with a two-layered face mask costing GHc5 a piece, the market value for the industry could be an estimated GHc312 million.
He again stated that there could be direct and indirect jobs created which would bode well for the Ghanaian economy.
In other news, YEN.com.gh has learnt revenue from crude dropped by 5% in 2019 even though production increased by 15%.
Production of crude oil increased from 62,135,435.07 barrels in 2018 to 71,439,585 barrels the following year.
However, revenue, sourced from royalties, Carried And Participating Interest (CAPI), corporate income taxes, surface rentals, and income earned fell to $925million in 2019 from $977million in 2018.
READ ALSO: Minister orders closure of factories over poor pollution practices
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Source: YEN.com.gh
