Covid-19 business updates: the impact on businesses and economies

01 April 2020: Ghana’s cases now 195, 3rd day of partial locked down, Top South African HIV scientist dies, Spain deaths hit 9000

Ghana’s cases now stands as 195, 5 deaths, 3 recoveries and 46 under home management
Ghana enters day 3 of lockdown with some reported brutalities from security personnel
The Minister of Health has denounced earlier reports of mandatory testing for Covid-19 in certain areas.
The Civil Society Platform on Oil and Gas in Ghana (CSPOG) has strongly advised the government not to touch the Heritage Fund. The group has urged the government to look for other measures which are easily available. They continued that much as fighting the pandemic well is crucial to the nation, the probability of wastage of the funds is high looking at our history.
The CSPOG group in the same statement welcomed the pledge by the executive (Ministers, Deputies, and other political appointees) to contribute their three months’ salary to the fight against the epidemic.
Minister for Gender and Social Protection, Mrs Georgina Morrison, has said government will provide food and shelter for 10,435 Persons with Disabilities (PWD’s) during the two-week partial lockdown. Additionally government would provide for about 1500 Kakayeis
The Ministry of Sanitation and Water Resources will undertake a three-day clean-up exercise of Accra and Kumasi, beginning Friday, April 3.
Burundi and Sierra Leone, which were part of a handful of African countries yet to confirm cases of the coronavirus, have recorded their first positive results
Bostwana reports its first death
Top South African HIV scientist Prof Gita Ramjee dies from coronavirus in Durban, South Africa
Foreign banks bow to pressure to axe shareholder payments
Global oil prices nears US$20 and still heading downwards
Spain’s coronavirus death passes 9,000
US Whitehouse says virus could kill 100k – 240k Americans
World’s biggest oil producers would meet on market crash

31 March 2020; Updates of Covid-19/Coronavirus impact on businesses and economies

Ghana and Nigeria hardest hit in Africa in oil revenue losses, Countries reject Chinese equipment, Divorce filings soar in China, Russia bans divorce and other tit-bits are all available in the Covid-19 Business Updates…

Having set a benchmark of US$58.66 oil price per barrel until the end of 2020, Ghana’s projected oil revenue is set to take a hit, with analysts already predicting the country will get half its projected revenue at an average US$23 per barrel in these times. Nigeria and Ghana would be hardest hit in Africa in oil price slumps. Senegal, Cameroon and Angola would also record losses
Government has announced that 109 markets in the Northern Region will be disinfected on Thursday April 2, 2020.
US has recorded 3,415 death cases with New York still being the hardest hit. Meanwhile President Trump has revised the end of the lockdown from Easter to end of April. 75% of all Americans are currently under some form of lockdown.
The Health Minister, Kwaku Agyemang Manu has disclosed that 3 persons out of Ghana’s 161 active cases of coronavirus infections have tested negative after going through periods of management in isolation. However another 31 have responded to treatment, recovered from symptoms and have been discharged from the hospital to be managed at home
One of 10 Guineans quarantined in Tamale has abscounded. There are reports of his recapture but that is yet to be confirmed
A further 393 people with coronavirus have died in the UK – the biggest daily total so far
Some European countries have rejected Chinese equipment meant for fighting the Coronavirus. Countries like Spain and Netherlands have labeled the equipment as sub-standard and defective
More Covid-19 cases may be detected in Ghana; Minister of Information
There have been more than 800,000 cases worldwide, with 38,000 dead; 170,000 have recovered. Death rate is 4.75% while recovery rate stands at 21.25%.
Spain records highest number of fatalities; 849 deaths in the last 24 hours. Looks like the deadliest day yet
Compliance to lockdown in the affected areas seem to be working with security agencies enforcing the directives.
About 3 billion of the world’s population are staying at home (bbc.com)
Fraudsters have taken advantage of Ghana’s lockdown and robbing the market traders of their wares. Asafo market in Kumasi has already reported of robbery of their foodstuffs. Online fraud is also expected of rise in these times.
Market traders have been idle as there are very little buyers, however, this is expected to change towards the end of the week as domestic food supplies begin to dwindle
Ghana’s economy may slide into recession due to the Coronavirus outbreak; Professor Peter Quartey
About 25% of foreign investors have disinvested their local bonds. This is expected to put more pressure on the dollar demand. However the Minister of Finance has aluded that the recent US$3 billion could add to save the day
The Institute for Energy Security (IES) is forecasting between 16 and 24% drop in prices of fuel on the local market in the first Pricing-window for April 2020. World oil prices have declined Brent Crude has declined by 33% leading decline of prices of petrol by 51.29% and diesel by 27.96% on the international market
Half a million workers in Germany have applied for one aid or another due to the Covid-19 lockdown
The World Bank has advised that the ‘Poor will get Poorer’ as economic gains made in 2019 would all be wiped out
The Asia Pacific region may see a 2.1% growth of the economy. China may only see 2.3% growth in 2020 as opposed to 6.1% in 2019. This is a situation of ‘economic pain’ according to the world bank
Signapore is set to punish firms that do not offer home-work facility for staff during this Covid-19 period
Divorce filings in China soars during the quarantine but Russia bans divorce in these times making it tough for couples without love but are in quarantine in the virus outbreak.
American Airlines, one of the world’s richest carriers, says it will apply for $12bn (£9.7bn) in government aid