Business Tracker survey show that gov’t stimulus package positively impacted businesses
World Bank pledges its support for Ghana
New data from the COVID-19 Business Tracker survey results revealed businesses in Ghana continue to recover from the shocks caused by the pandemic.
The third Wave identified multiple recovery pathways such as sales, access to inputs, finance, employment, compared to the 2020 second round data (Wave III).
The report put together by the Ghana Statistical Service in collaboration with the World Bank and the United Nations Development Programme (UNDP) indicates improvements for businesses through a variety of channels and expectations of positive impact expected in the future.
Key findings from the third round (Wave III) data show a decrease in the reduction of working hours, wage reduction, and leave without pay over the three data collection periods in 2020-2021 (Waves I-III).
“The findings from the third Wave of the COVID-19 Business Tracker indicate that the government Stimulus impacted positively on firm’s sales with an increase of 11.5 percent.
This positive effect was evident among small businesses as their sales increased by 22 percent”, noted Prof. Samuel Kobina Annim, the Government Statistician.
The business tracker also showed that the use of mobile money has increased among firms for sales.
Data compared to Waves I and II, reveal almost 7 out of 10 firms are now using mobile money to do business, with mobile money usage increasing from 35.7% and 53.4% (Waves I and II respectively) to 69.6% (Wave III).
Similarly, more businesses are adopting the use of the internet for sales.
“We need to reimagine development in the digital age It is encouraging to see more firms embracing digitalization as a default to improve business. UNDP remains committed to supporting Government’s digital agenda and recovery efforts to accelerate the attainment of the Sustainable Development Goals (SDGs)”, stated Angela Lusigi, UNDP Resident Representative in Ghana.
However, World Bank Country Director for Ghana, Liberia and Sierra Leone, Pierre Laporte, said “the improvement recorded over the periods is remarkable, but we also need to pay attention to the policy supports required by the firms. The World Bank will continue to support the Government of Ghana in its efforts towards the country’s economic recovery.”
Ghanaian businesses