To lay bare the scale of challenges small businesses are facing during the COVID-19 pandemic, and to understand their ongoing challenges and areas for further support, Facebook published the Global State of Small Business Report.
Compiled in partnership with the World Bank and the OECD, it surveyed over 30,000 small business owners and employees from around the world in over 50 countries. In Ghana, the survey reveals that despite the challenges, SMBs are very optimistic about the future of their businesses.
Over 69% of operational SMBs on Facebook feel optimistic about the future of their business, with 68% of male-led SMBs currently operational or engaging in revenue lead activities.
However, among operational Ghanaian small businesses (SMBs) on Facebook, 42% expect cash flow to be a challenge in the next few months, whilst 47% have had to reduce the number of employees/workers as a result of the COVID-19 pandemic.
Of those that are operational, 56% reported that their sales this year were lower than last year.
Digital continues to play a key part in the economic recovery of these businesses, with 52% of operational SMBs on Facebook reporting 25% or more of their sales were made digitally in the past month.
“Small businesses are the heart of our communities – from coffee shops, and bookstores to plumbers, taverns and graphic designers,” says Nunu Ntshingila, Regional Director for Facebook Africa.
“But we know they are facing the challenge of a lifetime. These survey results further highlight what we are already seeing, that the COVID-19 pandemic isn’t just a public health emergency, but also an economic crisis that is hitting SMBs exceptionally hard, and one that collectively as a community we need to urgently address.”
Follow IT News Africa on Twitter