Economist and lecturer at Wisconsin University, Dr. Sam Worlanyo Mensah is appealing to the government to provide stimulus packages for local businesses and industries to help them stay afloat and prevent their businesses from collapsing during the period of COVID-19.
With the number of confirmed coronavirus cases in Ghana as of March 26, rising to 132 with 3 deaths and one recovery, many people, including the Ghana Medical Association, have called for a lockdown of the country.
In line with this, Dr. Sam Worlanyo Mensah says that the government must cushion indigenous businesses with stimulus packages as stringent measures are put in place to contain the spread of the coronavirus in the country.
“If we are only interested in foreign direct investment and not promoting the local industries, it will get to a time that if we have been hit by a global pandemic, we are likely to have a shutdown economy. So it’s prudent that for the State to really have a package to develop the local industries as well as local entrepreneurs. Let’s develop and give them some form of credit facilities for them to expand their businesses and come with new innovations and that will really establish the fortunes of the local economy.” He told UniversBusiness.
The Progressive People’s Party has also joined calls in asking the government to provide stimulus packages for indigenous businesses.
According to a statement signed by the party’s National Chairman, Nii Allotey Brew-Hammond, it indicated that the coronavirus pandemic will have an adverse effect on the economy, hence the party’s position.
“Beyond the health implications, our other greatest concern is the expected economic fallout this virus could have on a large scale. Per our estimate, this economic shock could lead to a sharp increase in poverty, making it even harder for us to achieve the already extremely demanding UN Sustainable Development Goals by 2030,” the party indicated.
Story by: Nicholas Brown | universnewsroom.com