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Covid-19 impact on companies: GICAM demands bail-out from gov’t.

In order to cushion the negative effects of the coronavirus on companies, the employers’ union, GICAM, has called for an urgent economic recovery plan in order to bail out companies.

The plea was made by the President of GICAM, Celestin Tawamba, during the presentation of a second report on the impact of Covid-19 at the Andre Siaka conference hall in Douala on Thursday, July 23, 2020.

Celestin Tawamba said Cameroon is facing an economic recession and companies therefore need some form of bail-out to survive the crisis.

 The report indicated a worsening of the economic situation since the first report in April notably in terms of employment, business to business relations, turnover as well as the evolution of economic tendencies due to the crisis. For instance 96.6 per cent of enterprises are affected by the negative impact of the coronavirus pandemic as opposed to 92.5 percent in April.

This leads to an anticipation of declining turn-over of 81.7 per cent for the whole year. In absolute terms, he said, the loss of annual turn-over may reach 3,139 billion and consequently lead to a reduction in contribution to state revenue of about 521 billion FCFA.

Another impact of the crisis has been the technical laying off of workers in 42.6 per cent of the companies; lay-off of permanent staff and rendering 53,346 jobs redundant and 13,834 workers were laid off in June. The crisis has also impacted on the business-to-business relationships as there are delays in payment of customers and reduction of business-to-business opportunities.

“GLCAM is ready to accompany government but should be given the means to do so”, he said. He said companies in Cameroon are still reeling from the effects of the security crisis in certain parts of the country and the currency scarcity.

“Things are critical”, he said.

He added that there is need for a heavy government bailout package in terms of fiscal and customs incentives, financial support through subsidies, social measures to cushion the effect on the population.

Culled from Cameroon Tribune