President Akufo-Addo, has called on the Orgnized Labour to support government in its quest to rebuild the economy and finances of the country. He disclosed that this is to transition the country to post-COVID-19 economic recovery efforts.

He further noted that the pandemic prompted government to engender some intervention programs to reduce the impact of the pandemic on lives and livelihoods.

“These measures sustained the economy, restored some lost jobs and incomes, whilst opening windows of new opportunities for others. The time has now come for us to take the next set of actions required for the sustained recovery of the economy.

“The truth of the matter is that we are not in normal times; and I appeal to all Ghanaians, including Organised Labour, to assist Government in this endeavour to help rebuild our public finances and economy. We need to mobilise additional resources to cater for the new challenges confronting us whilst meeting other statutory requirements”.

Similarly, President Akufo-Addo entreated Ghanaians to “bear with government in these unusual and rather challenging times”.

“I am confident that sooner, rather than later, and together, we can create the happy, progressive and prosperous nation we all desire.”

President urges Organized Labour to rebuild economic

The President further revealed that the entrance of the virus has disrupted the macroeconomic indices. The indices, he recalls, were performing well between 2017 and early part of 2020.

He also insisted that COVID-19 resulted in a drastic slowdown in economic activity and a huge drop in domestic revenues. The crisis, the President explained, accounted for “a sudden shortfall in Government revenues amounting to GH¢13.6 billion”.

It further resulted in “an unexpected and unavoidable rise in expenditures of some GH¢11.7 billion, the President revealed.

According to President Akufo-Addo, the 2021 budget brings a glimmer of hope at reducing the current budget deficit. He revealed that it will reduce gradually from 11.7% in 2020 to less than 5% by 2024. He reveals it will happen while the economy experience growth.

Additionally, he averred that government is making sure that “additional sources of revenue are required” to achieve this. That notwithstanding, that is the reason why “the budget introduced four key revenue measures to improve on sanitation and pollution, improve the health sector, and defray the cost of the financial sector clean-up”.

In addition to this, President Akufo-Addo told the gathering that, towards revitalising and modernising the Ghanaian economy, and returning it to high and sustained growth for the next three years, Government has developed and is currently implementing the one hundred-billion-cedi (GH¢100 billion) Ghana CARES ‘Obaatampa’ Programme.

Pension benefits versus Unemployment Insurance Scheme

Also, the President assured Organised Labour that it is handling the issue of lump-sum benefits to 2020 pensioners. According to him, SSNIT and the National Pensions Regulatory Authority are working to resolve the issue. This has been instituted to handle the National Unemployment Insurance Scheme.

President Akufo-Addo intimated that the Committee is setup by the Ministry of Finance. He further revealed that the Finance Ministry has already earmarked GH¢50 million towards its operationalisation.