"GACL received\u00a0GHS 43m COVID-19 support in 2020"

" \n GACL received\u00a0GHS 43m COVID-19 support in 2020 \n \n\n \n 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. \n \n\n \n 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. \n \n\n \n \u201cFive (5) Specified Entities\u2014two comprising three (3) SOEs and two (2) JVCs\u2013 were given direct Government support amounting to GH\u00a272.6 million. \n \n\n \n \"Two (2) other Entities, both SOEs, were granted no-objection to borrow on their own balance sheets to the tune of GH\u00a254.90 million,\u201d the report noted. \n \n\n \n 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. \n \n\n \n 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. \n \n\n \n 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. \n \n\n \n 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. \n \n\n \n S\/N Institution Liability Type Loan Amount (GH\u00a2 Million) 1 Ghana Airport Company Limited (GACL) Explicit 43.40 2 PSC Tema Shipyard & Dry-Dock (PSC) Explicit 1.00 3 Intercity STC Coaches Limited (ISTC) Explicit 3.70 4 Metro Mass Transit Limited (MMT) Explicit 14.00 5 Ghana Post Company Limited (Ghana Post) Explicit 10.50 6 Ghana Communication Technology University (GCTU) Implicit 24.00 7 Ghana Institute of Management and Public Administration (GIMPA) Implicit 30.90 \n \n\n \n Source: 2020 State Ownership Report \n "

"GACL received\u00a0GHS 43m COVID-19 support in 2020"

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