COVID-19: Ghanaian exporters lose $1.6 million as products go to waste

- The Vegetable Producers and Exporters Association of Ghana (VEPEAG) has opened up about the effect of COVID-19 on business activities

- According to the association, demand for products has fallen overseas and Ghanaians don't want them either

- It revealed that post-harvest losses (PHL) is about $1.6 million at present

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The Vegetable Producers and Exporters Association of Ghana (VEPEAG) has revealed that the outbreak of the coronavirus has led to a $1.6 million loss to them.

This follows their inability to export their fruits and vegetables to buyers in Europe and other international markets due to a fall in demand.

Products such as okro, pepper (chillies), pineapple, banana, citrus, and mangoes have been consequently affected.

READ ALSO: Report shows that Ghana Stock market fell by 17% in 6 months due to COVID-19

According to the association, their post-harvest losses (PHL) started in March when a number of countries imposed restrictions on movement.

In the view of the president of the association, Felix Kamassah, the situation would adversely affect the industry.

Per a report by graphic.com.gh, he added that the expenses vary from one exporting firm to another. The reason, he went on, was because buyers, mostly based in Europe, halted demand.

The sad aspect, Kamassah, noted, was that, per the terms of the contract, the exporters have already invested their capital in the produce.

He further indicated that local consumers do not make use of the products so they could not be re-channeled into the local market.

In other news, YEN.com.gh has learned that the Bank of Ghana (BoG) has agreed to pre-finance the unpaid salaries of former employees of 347 defunct microfinance and 23 savings & loans firms.

The BoG has also agreed to exit packages for the same groups of people as well as finance houses.

The details of the package were shared by the government-appointed receiver, Eric Nana Nipah.

READ ALSO: Menzgold clients call on Ghanaians to vote out Akufo-Addo's government

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Source: YEN.com.gh