Business

STC faces financial crisis; loses GH¢50m to COVID-19

Intercity STC Coaches Limited (STC) has lost over GH¢50 million in revenue since the COVID-19 pandemic struck in March last year and needs immediate financial bailout to survive.

The company lost about GH¢3 million during the partial lockdown in Accra and GH¢7.5 million as a result of the social distancing directive by the government that required vehicles to operate at half passenger capacity.

The Managing Director of STC, Nana Akomea, who disclosed this to the Daily Graphic, said the company had also been losing about GH¢2.6 million monthly over the last 17 months because of the closure of land borders with neighbouring countries such as Cote d’Ivoire, Benin, Burkina Faso and Togo where STC operated to.

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Source: Graphic

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