Some businesses have begun witnessing improvement in their operations, following a stronger first quarter financial performance, compared to the same period in 2020.

This comes a year after the novel coronavirus pandemic hit global economies with its attendant effect on the Ghanaian economy.

Many businesses, particularly during the first and second quarters of last year suffered from the negative effect of the covid-19 pandemic as aggregate demand slowdown.

However, as the global economy appears to be recovering, whilst a cross-section of the Ghanaian population have been vaccinated, consumers have begun shopping and patronizing services which has improve the supply side of businesses.  

GGBL

In the beverage industry, Guinness Ghana Breweries Limited recorded a 22 percentage points growth in revenue, as sales jumped to GH¢742 million in the first three months of this year. As a result, profit increased by 170% to GH¢55 million in the first quarter of 2021.

Fanmilk

Ice cream manufacturer, Fanmilk also witnessed an appreciable growth in sales, from GH¢105 million in the first three months of last year to GH¢121 million, the same period this year. However, profit remained same because of some cost elements.

Total

For oil marketing firm, Total, its profit went by 51% to GH¢28 million in the first quarter of this year. Revenue increased from GH¢651.3 million in March 2020 to GH¢707 million in quarter one of 2021.

Unilever Ghana

Unilever also recorded a huge increase in revenue though its loss position continued due to high commodity prices. Management is however optimistic of achieving its target for this year.

In the banking industry, most of the players have begun recording significant earnings.

Profits of GCB Bank and ADB went up by 41% and 102% to GH¢131 million and GH¢26.8 million respectively.  CAL Bank however witnessed a modest 9% growth in earnings.

In all, their balance sheet sizes continued to expand as their financial soundness indicators also suggest very strong and robust banks.

Overall, government revenue through taxies and levies is however expected to go up if this trend continues till the end of the year.