STC faces financial crisis; loses GH¢50m to COVID-19
Timothy Ngnenbe
Intercity STC Coaches Limited (STC) has lost over GH¢50 million in revenue since the COVID-19 pandemic struck in March last year and needs immediate financial bailout to survive.
The company lost about GH¢3 million during the partial lockdown of Accra and GH¢7.5 million as a result of the social distancing directive by the government that required vehicles to operate at half passenger capacity.
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The Managing Director of STC, Nana Akomea, who disclosed this to the Daily Graphic, said the company had also been losing about GH¢2.6 million monthly over the last 17 months because of the closure of land borders with neighbouring countries such as Cote d'Ivoire, Benin, Burkina Faso and Togo where STC operated to.