Is your income ‘Safe’ from COVID-19?
Last week, I heard two significant announcements: the World Health Organisation (WHO) classified the outbreak of COVID-19, a novel respiratory coronavirus, as a pandemic after recording over 118,000 cases in 114 countries; and the first two cases of COVID-19 infection in Ghana were confirmed by the Ministry of Health (now 6, as I write this editorial).
Local and international news outlets have been rife with round-the-clock updates on the spread of the virus across Asia and Europe, so far reported to have claimed over 4,000 lives, but, unfortunately, these numbers increase by the hour.
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Several measures have been advised to contain the spread of the disease including avoiding large public gatherings, refraining from non-essential travel and practicing proper hygiene such as thorough hand washing.
In fact, Dr Kojo Apea-Kubi of Busy Speakers Toastmasters Club (of which I am also a member) gave a very informative presentation on COVID-19 in a recent meeting as part of the wider ongoing effort to dispel fear and panic.
Also, Devtraco, where I work, following government’s recommendations, has decided to impose a certain number of restrictions to us all, including:
1. Wash our hands as often as possible; we have enough soap and handtowels in the washrooms for regular use
2. Avoid touching our face
3. Avoid handshakes and any form of body contact, for now
4. Use the sanitiser, provided by the company, as frequently as possible
5. Drink a lot of water and spend time in the sun
6. Avoid crowded places and gathering, especially with people who have travelled out, in recent times
7. Avoid any gathering of more than six people, including meetings
8. Hold online meetings, whenever possible
9. Take our laptops home and work from home, if ever needed
10. Visit the nearest health facility if we feel sick, and stay at home
11. Any employee outside Ghana during this period should present a medical clearance certificate upon returning to the office
12. Keep our team and management informed of all travels by ourselves and immediate family members.
Devtraco, again, is leading the way, and we were “strong” enough to suspend four large important events, for the sake of all stakeholders involved.
This was a painful decision and not totally understood by all parties, because, at the time of the cancelation (last Thursday), the information about COVID-19 infection in Ghana was still slightly unknown and no case had been recorded yet.
I am sure that by now, all parties are glad that we took the bold decision to suspend this.
The good news is that we will still do these events, but now online.
Once again Devtraco will be exploring new frontiers.
I will share the evolution with you, when I am able to disclose all information.
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I am sure you will be excited as well with these events.
Impact on businesses
But, more than Devtraco, this huge problem with the name of a beer, will be affecting all businesses and all sectors, in Ghana and beyond.
Amid growing concern of what effect this coronavirus will have on Ghana, I cannot help but wonder how many personal and family incomes are “safe” from its effects.
This is especially because the UN’s trade and development agency projects that the pandemic could cost the global economy US$1 trillion.
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From imposing bans on movement and everyday commerce to shutting down factories and schools, countries around the world are taking numerous protective measures to contain the viral outbreak.
It therefore goes without saying that these actions have affected the livelihoods of many individuals and families who have been forced to adjust their routines and, in some cases, stay away from their workplaces.
For those with careers that allow remote work, this situation is not entirely disruptive.
However, those who need to be physically present to do their jobs – construction workers, domestic help, drivers, tour guides, event organisers, etc.– have been forced to stop work and potentially lose income.
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One cannot help but wonder how this has affected current living expenses in high-risk quarantine zones, some of which have experienced hikes in the prices of basic goods.
While I sincerely hope that Ghana will not record many more COVID-19 infections, the question still stands: is your income “safe” from COVID-19?
Can it shoulder the weight of possible increases in the cost of the food, toiletries and other items you consume, many of which are imported into the country?
How long will it support you and your family if your work cannot be done remotely or in the case where your employers pay a reduced salary for remote work? Will your current savings keep you afloat for one month? Three months? Six months?
Is there any passive income you can rely on as a last resort?
Business owners must also assess their readiness to face the likely consequences of COVID-19 on growth projections for the year as well as the ripple effect of any interruptions on long-term sustainability.
In a time when people are choosing to avoid public spaces and large crowds, what innovations can be introduced to deliver goods and services for your business to remain profitable?
Can you prioritise expenses in anticipation of reduced patronage?
These questions are not meant to induce fear; instead, they are a realistic examination of the risk this global pandemic presents to your personal or business finances to inform any needed action.
Ignorance breeds anxiety, but knowledge is power.