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Home Business Aviation

GACL received GHS 43m COVID-19 support in 2020

3 years ago
in Aviation, Business, Editor's pick, Features, highlights, Home, home-news, latest News
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GACL received GHS 43m COVID-19 support in 2020

The Ghana Airports Company Limited (GACL) received some GHC 43.4 million financial support to cover payroll expenditure and help mitigate adverse effects of the COVID-19 pandemic on their operations at the height of the COVID-19 pandemic in 2020, the 2020 State Ownership Report published by the Ministry of Finance has revealed.

The airports operator was part of eight specified entities that requested for financial support to cover their overhead in the year in review. Seven out of the eight SOEs received financial support.

“Five (5) Specified Entities—two comprising three (3) SOEs and two (2) JVCs– were given direct Government support amounting to GH¢72.6 million.

“Two (2) other Entities, both SOEs, were granted no-objection to borrow on their own balance sheets to the tune of GH¢54.90 million,” the report noted.

The GACL was one of the few state-owned entities capable of sourcing for funds on the back of its own balance sheet few years ago.

However, the onset of the COVID-19 pandemic in March 2020, heavily negatively impacted financial fortunes of the company; forcing it to turn to central government for support.

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Ghana Airports Company Limited (GACL) was established as a result of the decoupling of the existing Ghana Civil Aviation Authority (GCAA) in line with modern trends in the aviation industry.

The Company was registered in January 2006 with the responsibility of planning, developing, managing, and maintaining all airports and aerodromes in Ghana. These include the Kotoka International Airport, Kumasi Airport, Tamale Airport, Sunyani Airport, Ho Airport, Wa Airstrip and other airstrips.

S/NInstitutionLiability TypeLoan Amount (GH¢ Million)
1Ghana Airport Company Limited (GACL)Explicit43.40
2PSC Tema Shipyard & Dry-Dock (PSC)Explicit1.00
3Intercity STC Coaches Limited (ISTC)Explicit3.70
4Metro Mass Transit Limited (MMT)Explicit14.00
5Ghana Post Company Limited (Ghana Post)Explicit10.50
6Ghana Communication Technology University (GCTU)Implicit24.00
7Ghana Institute of Management and Public Administration (GIMPA)Implicit30.90

Source: 2020 State Ownership Report

Source: aviationghana
Via: norvanreports
Tags: 2020 State Ownership ReportCOVID-19 pandemicGACL received GHS 43m COVID-19 support in 2020Ghana Airports Company Limited (GACL)Ghana Civil Aviation Authority (GCAA)
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