Report by: Ishmael Barfi
The Ghana Statistical Service (GSS) business Tracker Wave 4 has revealed that 90 percent of businesses affected by the COVID-19 pandemic have fully recovered and are in operation.
The survey dubbed ‘Ghana Business Tracker Wave 4’, explained that businesses covered recorded a 4.2 cent increase in nominal sales between 2021 and 2022, and local companies trading with European firms recorded an 11 per cent increase in sales.
The ‘Ghana Business Tracker Wave 4’ study was done in collaboration with the World Bank, the European Union (EU), and the United Nations Development Programme (UNDP).
And is part of the global Business Pulse Survey by the World Bank and its partners to measure the impact of the pandemic, economic and financial subsequent crises on the private sector.
The Ghana Business Tracker Survey wave 4 was conducted between April 29 and July 9, 2023, gathering results from 3,157 firms to measure the impact of the pandemic and economic and financial situation on firms.
The Study which was conducted between 29th April and July 9, 2023 and covered 3,157 micro, small, medium, and large-sized companies, including 60 European firms, revealed that the majority of the firms surveyed had experienced improvements in their cash flows.
These data were disclosed at the official launch of the Ghana Statistical Service (GSS) business Tracker Wave 4 held in Accra, on Tuesday, 19th March, 2024.
Presenting the findings of the survey, Mr Anthony Krakah, the Head of Industrial Statistics and Coordinator of Business Census at the GSS, indicated that, the Ghana Business Tracker Wave 4 is the fourth to be conducted since 2020 to study the impact of the coronavirus disease on businesses in the country.
According to him, the objective of the survey was to understand how businesses in the country were recovering from the pandemic amidst new global and local challenges, how trade was faring between local and European firms, and the outlook for firms and how they are navigating the global challenges.
The questionnaires for the Ghana Businesses Tracker Wave 4 Mr. Krakah explained were expanded to include how firms were adopting digital and green technologies in their operations.
Based on the above, the study he noted revealed that about 12 percent of the businesses surveyed were embracing digital technologies as a means to counteract the impact of the COVID-19 pandemic and that formal firms were adopting digital technology which accounted for 15 percent of their investments compared to their counterparts in the informal sector with 9 percent of their investment going into digital technology.
On green solutions, a few companies adopted energy-efficient solutions in their operations.
“One in ten firms, the study showed that they are using energy-efficient manufacturing equipment and more than two-thirds of micro, small, and medium firms report not having a target for energy consumption. Among large firms, 60 percent do not have a target,” the Head of Industrial Statistics concluded.
The Government Statistician, Professor Samuel K. Annim, in remarks read on his behalf by Dr. Johnson Owusu Kagya, Chief Statistician of the GSS, acknowledged that the study would help provide evidence-based data as well as aid stakeholders and key players in the industry to make quality decision-making.
Prof. Annim expressed his gratitude to the World Bank, EU, and UNDP for supporting the Ghana Business Tracker Wave 4.
On her part, the Practice Manager of the World Bank, Mrs. Mehnaz Safavian, in her remarks indicated that the survey had come at an important time for Ghana.
She was optimistic that, “With the current challenges, the private sector will be the most important source of growth for the country.”
The Trade Counsellor of the EU Delegation, Mr Raffaele Quarto, and the Head of the Inclusive Growth and Accountable Governance Cluster of UNDP, Dr. Edward Ampratwum, commended the GSS for the study.
The launch of the survey had a panel discussion with speakers from the Ghana Enterprises Agency, Mrs. Kosi Yankey-Ayeh, Chief Executive Officer (CEO), the Association of Ghana Industries, Seth Twum-Akwaboah CEO, Ghana Union of Traders Association, Charles Kubi, Director of Economics and Business Bureau.
The speakers during the panel discussion lauded the partners for the survey.
Source: www.thenewindependentonline.com
