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9.1 percent of agribusinesses reportedly closed down. Business news/ Ghana and beyond

The Management of the defunct Ameen Sangari Company Limited in the Cape Coast Metropolis has expressed optimism about a $3.8 million bank support to revamp the factory. According to the company, negotiations for support were advanced with a leading financial institution in the country and the ‘One District, One Factory’ (1D1F) Secretariat to revive the factory. Mr Perry Mensah, a Consultant to the Company, said reviving the company’s operations was critical, especially amid COVID-19 where every country was concentrating on their local industries to stimulate job creation to enhance economic growth.

Some 9.1 percent of agribusinesses were reportedly closed down and an additional 30.7 percent , an equivalent of about 42,396 agribusiness forms, were closed down during the partial lockdowns in the country last year.Some 20.9 percent of them were as a direct result of the lockdown. Also an estimated 16,091 representing 11.6 percent of the agribusinesses closed down due to the pandemic still remained closed after lifting the lockdown. These were contained in Summary Report on the Impact of COVID-19 on Agribusinesses in Ghana by the Ghana Statistical Service dated June 2021 and sighted by the Ghana News Agency. It was funded by the German Ministry for Economic Cooperation and Development (BMZ) and implemented by Deutsche Gesellschaft fir Intertionale Zusammenarbeit (GIZ) Gmblt in partnership with the United Nations Development Programme (UNDP).

The Managing Director of Tullow Oil, Wissam Al Monthiry, has disclosed that the Jubilee partners have invested more than $19 billion in Ghana’s oil fields since it started exporting oil in commercial quantities in 2011. Additionally, they have also paid a little over $6 billion to the State in taxes. Speaking to JoyBusiness, the MD noted that the development shows all these partners are committed to the country’s oil sector and they are here to stay. According to him, the total amount of funds invested could even increase further, based on current developments on the field. “The development should also tell Ghanaians that they are here to stay in terms of “more oil explorations and development in that space”, he said.

Two business giants, Ghana’s favourite insurance group, Hollard Ghana and Africa’s leading e-Commerce platform, Jumia, have partnered to make insurance policies easily accessible online. Jumia will leverage its technology and network to provide an efficient platform for Ghanaians to purchase Hollard’s general and life insurance products. This new feature will be available on the JumiaPay platform and comes at a time when the pandemic has affected most people reiterating the need for various types of insurance policies.

Compiled By:
Prince Henry Danquah

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