Prepare for more layoffs – Private Enterprises Federation hints

Must Read

Your credibility will continue to suffer so long as NPP serves as your mouthpiece – Prof Gyampo to EC

A Political Science Lecturer with the University of Ghana, Professor Ransford Gyampo has charged the Electoral Commission (EC) to...

Does the ‘cartoon guy’ realise wrong is wrong; NDC’s Dotsei Malor pressures Sammy Gyamfi to apologise

A former presidential staffer under the erstwhile Mahama administration, Ben Dotsei Malor has chided the National Communications Officer of...

NDC has failed to learn lessons from ’embarrassing’ 2016 defeat – A Plus rallies Ghanaians to reject them again in 2020

Musician-turned-politician, Kwame Asare Obeng popularly known as Kwame A Plus has advised Ghanaians not to vote for the opposition...

The Private Enterprises Federation (PEF) has warned of more layoffs as financial situations of private companies worsen because of COVID-19.

Most businesses have been forced to shut down their operations while others have cut workers’ salaries to mitigate the shock.

Speaking on JoyNews, the Chief Executive Officer of PEF, Nana Osei Bonsu said layoffs are inevitable during the pandemic because firms are struggling to stay in business.

He intimated that although firms are finding innovative means to survive, they are currently under pressure.

“If you’re not selling, you’re not creating any income stream…So there’s no activity, no patronage, no income stream and if you don’t have income stream and you paying employees, you’re paying out of reserves. How long is your reserve going to do what it needs to be done? And if after two months there’s no more income and maybe not everyone is going to qualify for the GHC600m package. So if you don’t qualify what are you going to do? Layoffs are inevitable,” he said in the interview.

COVID-19: About 90 percent of workers in Automobile dealership industry laid off

Meanwhile, the Ghana National Chamber of Commerce and Industry (GNCCI) has revealed that about 108 businesses have lost a minimum of GHC39.8 million within three months and the estimated financial cost differs from one firm to the other.

Also, the President of the Automobile Dealers Union says about 90 percent of workers in Ghana’s car dealership industry have been laid off in the wake of the pandemic.

 

SourceABC News

Submit your stories or articles to newsroom@abcnewsgh.com or Whatsapp them to +233 553620623

- Advertisement -

Comments

Latest News

Safe treatment of waste water, key to healthy living – Research findings

The ensuing health threat and the need to protect human life are critical to authorities in planning towards addressing...

Former Mahama officials face prosecution over alleged embezzlement of state funds in Saglemi Housing project

Some former officials of the former NDC government will in the coming days be hauled before court over the alleged embezzlement of state funds...

Supreme Court’s order to EC consistent with court procedures – Oppong Nkrumah

Minister of Information, Kojo Oppong Nkrumah says the Supreme Court's order to the EC in the voters’ register case is a true definition of...

337 new COVID-19 cases lifts country’s tally to 8,885; recoveries now 3,189

The tally for Ghana's COVID-19 case count is now 8,885 after the country recorded some 337 fresh positive cases. Updates available on the official website...

Mahama doesn’t need a young running mate, Kwesi Botchwey, Duffuor solid choices – Ras Mubarak

Member of Parliament for Kumbungu, Ras Mubarak has advised former President John Dramani Mahama not to name a young person as running mate for...

More Articles Like This

%d bloggers like this: