The Managing Director of State Transport Corporation (STC), Nana Akomea, has said the closure of the country’s borders following the outbreak of the coronavirus led to a drop in half of its expected revenue.
“STC has suffered a lot this year. The closure of the borders with our neighbouring countries has cost us 50 percent of our revenue as our operations,” he said.
The border closures cut off trips to the capitals of Benin, Burkina Faso and Togo.
“It has cut our monthly revenue from GHS 5 million on the average to GHS 2.3 million or GHS 2.4 million today.”
Mr. Akomea was speaking after the President commissioned 100 new buses to Intercity STC in Accra.
The STC recently benefited from a GHS25 million tax waiver for the procurement of vehicles.
With recent developments in mind, President Akufo-Addo assured that the government with support from the private sector will continue to invest massively in the transport sector of the country.
President Akufo-Addo said the sector which is an important tool for development will be given the needed attention.
He further praised the STC for its role in the sector.
“We know how important transport is to the economy of our country and the work of STC in advancing the economy and economic development of our country is extremely significant.”
The President also thanked the ADB Bank “for finding it possible to support the revival of STC.”
“Because of the importance of transport in the value chain of agriculture enterprises, it has been able to find this additional support,” he noted.
source: Citi Newsroom