COVID-19 might be seen by many as a mere plague or an untimely spread of diseases on human beings across the globe for which scientists and medical professionals should work assiduously to find the cure, in the absence of which will result in the loss of many lives and deaths.
The deeper understanding of this new pandemic unleashed into the airwaves goes beyond just a health issue.
Its ramifications are many with dreadful consequential effects not on just human beings, but businesses and statutory institutions as well.
One of the first and key effects of COVID-19 is the financial impact on household incomes and the baseline profitability of businesses.
It has also created the avenue for financial Crime and it’s related avenues to triumph.
Money Laundering and cyber fraud have hit the rooftops across the globe creating many more vulnerabilities for ordinary citizens.
Institutional leaders and politicians and their allies cronies have also taken advantage of misdirecting public funds and misapplying it to their benefits, creating more sources for illicit actors to triumph.
COVID-19 May disappear, but its negative effects will linger on for a very long while.
The significant destructive impact of the actions of both global criminals and the scaring nature of the virus is major worrying, a negative trend that needs to be addressed and resolved as quickly as possible by all well-meaningful international organizations and individuals in whose hands lies the power to do so.
Any lackadaisical attitude and awkward approach to unraveling the cure for the disease on human lives, and the undertones would create much more hardship and financial difficulties now and in the near future.
By Richard Kumadoe
Fraud & Security Consultant
+233-2485-33466
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Patrick Baah is a chartered banker with over 5 years experience in main stream banking having worked in various capacities. He is currently at the Branch Manager Position of his institution. He has been a qualified member of the Chartered Institute of Bankers, Ghana with a good membership standing since the year 2013. He also holds EMBA and BA from Kwame Nkrumah University of Science, Technology, and the University of Ghana respectively. Patrick is the originator of the daily epistle dubbed “Savings Tip of the Day” which has been running for over a year on WhatsApp and Facebook. Patrick has also been teaching on the Topics Savings, Investment and Financial Independence for over 2 years and a research fellow for ILAPI Ghana. He runs a financial channel on Youtube by name “Patrick TV Gh” and has appeared a couple of times on the business segment of TV3 News 360. Patrick is into youth facilitation and counselling. I can be contacted via baasco2006@gmail.com and or 0243984492.

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