The Minister for Finance, Ken Ofori-Atta has disclosed a new initiative by government to help get Ghana’s economy back on track post-COVID will cost GHS 100 billion in three and half years.
The Finance Minister believes that the new intervention, COVID-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) Obatanpa Programme, is one that can cause transformational change and remove unspoken limits.
Mr. Ofori-Atta maintains that the pandemic has taught that everything is possible. He says the pandemic has presented a once in a lifetime opportunity which must not be wasted. An opportunity he holds should be glided upon to transform Ghana, however, bolder steps and braver approaches should be implemented to make it happen. It is for this reason a new programme has been prepared.
“Mr. Speaker, we must have courage and be audacious in repositioning Ghana and Ghanaians, not only to mitigate this pandemic, but to implement programmes that will transform our country. We should change our approach to our development and dare to do the impossible. Under the leadership of President Akufo-Addo, and informed by broad consultations, we have prepared the Ghana COVID-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) Obatanpa Programme for this very purpose.”
In explaining the way forward post-COVID, he detailed the Ghana CARES Obatanpa programme which he noted is in two phases.
“Mr. Speaker, the Ghana CARES Obatanpa programme is an unprecedented, bold and audacious GHȼ100 billion programme for us to re-imagine and re-envision our future like never before. It is sequenced in two phases: a Stabilisation Phasethat runs from July to the end of the year (2020); and a medium-term Revitalisation Phasewill accelerate the Ghana Beyond Aid transformation agenda. Mr. Speaker, with your permission, I wish to highlight the main elements of each phase of the programme.”
According to the Finance Minister, the stabilisation phase of CARES will ensure food security, protect businesses and worker incomes, strengthen the health system, attract private investments and support Ghanaian businesses.
He went on to give a breakdown of what government will do at the second phase of the programme.
“In our economic revitalisation and transformation, Government will, take resolute measures to improve the business environment for the private sector. Specific measures to be implemented include significant improvements in business regulations and their implementation, digitisation to improve quality and transparency of public service delivery, expanding access to finance for Ghanaian business, skills training, and energy sector reform.”
Mr. Ofori-Atta in the Mid-year 2020 budget review highlighted some achievements chalked by the incumbent government starting with how it handled the power fluctuation popularly known as ‘dumsor’ when it first came into power.
“We have relegated ‘dumsor’ to the past. It is clear to our fellow Ghanaians by now that we have enjoyed three and half years of reliable and cheaper power. We have spent in excess of GH¢4.7 billionon capacity payments, not only to ensure that we keep the lights on, but also pay for power we do not use under very questionable contractual obligations we inherited.”
He went on to talk about how the economy under Akufo-Addo’s government has gained a facelift and become digitized.
“Mr. Speaker, to modernise the economy and improve its global competitiveness, we embarked on a transformative agenda to digitise the economy. We implemented the Digital Addressing System and the National ID programmes to ensure that each Ghanaian and their dwellings as well as business locations will be uniquely identified. All these efforts are being made to formalize the economy, improve the way services are delivered to our people and increase productivity. That is digitising the lives of Ghanaians. Now, more than ever, the possibilities of the digital economy has been brought to the fore.”
He also indicated that the incumbent government can be characterized with good economic governance as it has implemented policies and approaches to protect the public purse.
“Mr. Speaker, to protect the public purse and advance good economic governance, we set out to fully implement the provisions of the PFM Act 2016 (Act 921), including passage of the PFM Regulations 2019, L.I. 2378 to further strengthen cash management, budget execution and budget monitoring.”
