The Chairman of the Council of State, Nana Otuo Siriboe II, has urged Ghanaians to unite together in support of the government’s comprehensive economic recovery plan.
Speaking at a high-level Council of State meeting attended by Finance Minister Ken Ofori-Atta and other key government officials, Chairman Otuo Siriboe II underlined the value of hope and resilience in the face of present challenges, asserting that Ghana is on the cusp of a brighter future.
Highlighting the recent approval of the International Monetary Fund (IMF) Program as a pivotal moment for the country, Chairman Otuo Siriboe II declared, “There is light ahead for Ghana. We must remain optimistic and steadfast in our belief that our country will overcome the challenges it currently faces.”
The Chairman expressed his unwavering optimism about the country’s economic prospects, stating that the IMF program would not only invigorate Ghana’s growth trajectory, but also pave the way for further opportunities in economic recovery.
With the IMF’s $3 billion bailout now secured, Chairman Otuo Siriboe II pointed out that this presented a unique opportunity for Ghana to reboot its economy.
He called upon Ghanaians to seize the opportunity and work together to maximize the benefits of the program, stating that “By joining forces and exhibiting unity, Ghana can achieve remarkable progress and build a prosperous future for all its citizens.”
Finance Minister Elaborates On Ghana’s Post Covid-19 Programme for Economic Growth
More so, the finance Minister, Mr. Ken Ofori-Atta, who was present at the meeting, acknowledged the significant strides already made in Ghana’s recovery journey, affirming that “We have come a long way, and we are determined to continue on this path of progress.”
He took the opportunity to outline Ghana’s comprehensive Post Covid-19 Programme for Economic Growth (PC-PEG), which encompasses four key objectives aimed at propelling the country forward.
The first objective of the PC-PEG, as stated by the finance minister, focuses on restoring macroeconomic stability, with measures aimed at managing inflation, stabilizing the exchange rate, and creating a favorable business environment.
Minister Ofori-Atta emphasized the government’s commitment to implementing comprehensive tax administration reforms and prudent fiscal policies to ensure a solid economic foundation.
Addressing Ghana’s fiscal challenges forms the core of the PC-PEG’s second pillar. Minister Ofori-Atta highlighted the government’s determination to bring fiscal operations and public debt to sustainable levels.
According to Mr. Ken Ofori Atta, the implementation of structural reforms is the PC-PEG’s third goal. Minister Ofori-Atta emphasized the importance of improving the business environment, attracting private sector investments, and bolstering infrastructure development.
Additionally, he noted that the financial sector will receive support through regulatory forbearances and the operationalization of the Ghana Financial Stability Fund (GFSF).
The final objective of the PC-PEG, he said, is centered around promoting strong and inclusive growth while safeguarding the welfare of the poor and vulnerable.
Expressing his gratitude to Finance Minister Ken Ofori-Atta and his team for their commitment and tireless efforts in formulating the growth program and securing IMF support, Chairman Otuo Siriboe II encouraged the government to continue spreading the message of hope and progress throughout the nation.