Ghana Post attributes financial losses of GH¢6.17m in 2020 to COVID-19 pandemic
Mr Bice Osei Kuffour, popularly known as “Obour”, Managing Director of the Ghana Post Company Limited, has attributed the GH¢6.17 million financial loss of the Company in 2020 to the outbreak of the COVID-19 pandemic.
The Managing Director made the revelation at the public hearing of the Public Accounts Committee (PAC) of Parliament in Accra.
Mr Kuffour took his turn at the public hearing of PAC to respond to issues raised concerning the Ghana Post Company in 2021 report of the Auditor-General.
Dr James Klutse Avedzi, the Chairman of PAC in his questions to Mr Kuffour said the Company made huge losses in 2020, and that from a huge profit of GH¢995,000.00 the company went down to a loss of GH¢6,173,000.00, which was bad.
“It is not good and the main contributor to that is your operating cost, which has increased by almost 16 per cent and general selling and administrative expenses also increased by 20 per cent.
“How is the situation now? Has it improved?” the Chairman asked.
Mr Kuffour in his response said the Company’s situation had improved.
“Honourable Chair, our work as a postal administrator involves a lot of moving out of the country and out of the jurisdiction and receiving items into your jurisdiction. And so, in 2020, when Ghana was hit with COVID, borders were shutdown, items that you would have easily moved with vehicles, you have to move it with airlines, so it created a lot of operational cost,” he said.
He noted that since 2020, the situation had never been like it was.
“I am sure if we do come here again for 2021, 2022, I am sure your committee will commend the management of Ghana Post,” Mr Kuffour said.
“But let me go into what is happening now, now, it is much better, we don’t have these challenges that we faced in 2020.”
He said what affected their business also was the period in which Ghana had fluctuation of the Ghana cedi against major international currencies like the United States dollar.
He reiterated that now that the cedi had been stabilized against other international currencies, they were back in business.
Source: GNA