Micro and small businesses face a bleak future with a new report warning that should the current lockdown persist, majority would close or have serious financial difficulties.
The report results indicate that small and medium businesses in the country have experienced the largest effects of the risks associated with Covid-19 compared to larger businesses.
"Specifically, nine out of ten businesses report experiencing an increase in operating expenses due to preventive measures instituted by government to curb the spread of the virus," the report notes.
Access to inputs used by micro and small businesses particularly in the manufacturing and service sectors has also been greatly affected, reducing production while measures such as availing sanitiser, soap, hand washing facilities, and social distancing at work premises have resulted in a slight increase in operating expenses for businesses.
The country's agriculture enterprises have been worst hit due to challenges of accessing inputs arising from transport restrictions and the ban on weekly markets where farmers usually sell produce.
