Impact of COVID-19 on Mining, Oil and Gas Companies

Overview

An increase in agility is required to deal with the uncertainty the world faces today. Disruptions to business operations have resulted in entities having to trigger their business continuity and resilience plans. This requires entities to protect their employees, clients and assets with minimal disruption to business operations. Although the mining and oil and gas sectors in Ghana are largely exempted from the restrictions on movement imposed by the government, entities have had to introduce measures to reduce physical interaction among employees and other stakeholders. This has placed heavy reliance on technological infrastructure that assist in working remotely.

Part 1 of this article discusses the implications of COVID-19 in terms of its impact on business operations, as well as business continuity and cybersecurity considerations. Also discussed is the accounting and financial reporting implications of COVID-19.
Part 2 of the article, covers some suggestions on how to adapt to these evolving situations.