In an economy stricken by the COVID19, pandemic, more of its damages to human lives and properties as caused by its deadly impacts would be clearly seen, in arithmetical terms, after its waves die down, sooner or later.
This virus is, indeed, an unseen enemy of mankind which we (homo sapiens) have never witnessed before, but, so far through the havocs its waves is inflicting on mankind across the globe, it is even expected that the virus will likely run our economy down, just as it has gravely impacted the economies of highly developed countries, and has, similarly, created a lot of turmoil, too , in their stock markets where share prices had to reasonably plummet for a while and has since left us in a state of financial instability with the related volatilities.
The throwbacks of this unseen deadly foe is apparently likely to impact Ghana’s national economic activities as well as those of Ghanaian corporate institutions – small and medium enterprise, etc.
In fact, every avid reader can rightly observe that the terrifying effects of COVID19 is already not looking good across the entire world.
It is, therefore, clearly worth noting that as thing appear as of now the government of Ghana is probably likely to shut down our factories and go into a full lock down, as a precautionary measure in our fight against the Killer disease.
If it is decided that we must go by that route, it will economically imply that our factories and companies will stop their operation for uncertain number of days; consequently, forecasted incomes and projected revenues will shrink or reduced and even completely lost.
The effects of this challenge will have peripheral effects on every body – workers and consumers alike. Furthermore, the gains of our economy would be somewhat eroded, thereby compelling, us to once again go after international creditors for assistance to keep our economy track.
But interestingly, a good number of our international creditors are also already impacted by the coronavirus pandemic.
A sad fact of the economy in recent decades has been that far too many people have been relegated to economic positions that are less secure than a small business.
Thus, if we don’t do any re-strategizing now, by the time the Coronavirus crisis is over, we will or we might emerge from our homes only to find that all our small business entities are permanently shattered.
Yet we need to depend on our financial administration system to withstand the COVID-19 storms.
Meanwhile, our financial administration system, itself, had been noted to be dangerously weak and relatively insufficient.
It doesn’t need to be in that state, to say the least. An inefficient system of financial administration in a country calls for every entrepreneur’s concerns.
However, it is, nevertheless, true that all over the world, large business ventures and smaller organizations, are mandated, by law, to compulsorily keep proper records of their daily, weekly, monthly financial transactions, of the entity, but that is not what we generally see as the practice by most business enterprises in Ghana and maybe other Sub-Sara African countries.
As a frantic measure to fight the scourge of this dangerous virus we therefore have to look forward for a lot of work ahead to do in the mist of the impact the Coronavirus is having on our health, our finance and our economy as a whole.