It’ll take Ghana more than 3yrs to recover from Covid-19 crisis – Ken Thompson

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Chief Executive Officer of Dalex Finance Limited Ken Kwamina Thompson says it will take Ghana more than three years in getting the economy to bounce back after the coronavirus crisis.

He, therefore, called for immediate steps to ensure that businesses get back to normal.

“We need to act now and we need to act fast.”

Mr Thompson was speaking on TV3/3FM’s Saturday current affairs analysis programme The Key Points.

He bemoaned the fate of the informal sector, observing that it will be the hardest hit in this crisis.

Already, government has made available a stimulus package of about GH¢600 million earmarked to be accessed by small-scale businesses through the National Board for Small Scale Industries (NBSSI).

This will be in the form of soft loans for these small- and medium-scale enterprises.

But Mr Thompson said it was wrong, in the first place, for government to channel the resources through NBSSI as that body was set up on political lines.

He said government should have worked with the various associations or professional bodies like the Ghana Association of Bankers with this support.

The chartered accountant said there is the need for government to act quick and fast to save many companies from total collapse.

“This is the time when the Minister of Business Development should be out there promoting entrepreneurship.”

The outspoken finance director said in the fight to recover from this crunch, the “classic Ghanaian thing” should be done away with.

He explained that it should not be all-talk with no action.

For him, immediate steps should be taken in order to save thousands of businesses from the crisis.

3news

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