Ghana CARES programme launched to revitalise the economy

The Senior Minister, Yaw Osafo-Maafo, on Wednesday officially launched the Coronavirus Alleviation and Revitalisation of Enterprises Support (Ghana CARES) to revitalise businesses and transform the economy, ravaged by the COVID-19 pandemic.

The 100-billion Ghana Cedis programme, unveiled on behalf of the President, is a three-and-half year strategy, expected to be a blueprint for rejuvenating and transforming the Ghanaian economy.

The government will provide 30 percent of the funding with 70 percent coming from the private sector towards implementing various programmes and activities.

The programme, which is in two phases, will build upon the gains made so far under the COVID-19 Alleviation Programme to revitalise businesses from 2021 to 2023.

Additionally, it will provide support for commercial agriculture, attract the youth into the agriculture sector, build Ghana's light manufacturing sector, developing engineering/machine tools and changing Ghana into a modern digital economy.

It is also expected to develop the housing and construction industry towards making Ghana a dynamic hub for goods and services.

President Nana Addo Dankwa Akufo-Addo said the Ghana CARES programme was a "Ghana Beyond Aid" in action, which would turn around the economic fortunes in 2021 at 5.7 per cent as a result of the implementation of various transformative activities.

President Akufo-Addo reiterated his government's commitment to building a resilient and people-centred economy with opportunities for all.

He commended frontline health workers for their sacrifices and selflessness in managing the pandemic so far and lauded the Finance Minister for mobilising GHc18 billion and resources to contain the infectious disease as well as sustaining the economy.

The President said Ghana had received US$1.27 billion from her development partners, including the International Monetary Fund, World Bank, African Development Bank Group and the European Union.

This funds, he said, had helped the country to save lives and livelihoods, expanded health infrastructure and COVID-19 testing facilities and domestic production of personal protective equipment.

"I pledge to build a Ghana that works and allows each and every one of us to improve our lives.

"Over the last three years and 10 months, my Government has done exactly that. We have stabilized the economy to create the enabling environment for businesses to grow and thrive; we have prudently managed public resources to ensure that we roll out a raft of life-changing policies that guarantees social mobility for every Ghanaian," he stated.

The Minister of Finance, Ken Ofori-Atta, noted that fuelled by visionary foresight and the need to craft a more transformative and sustainable response to the COVID-19 pandemic, President Akufo-Addo charged the Finance Ministry in April, this year, to lead in the preparation of a national programme to revitalise the economy.

He said the government’s strategic response to the pandemic allowed the country to do things differently and to respond effectively to the needs of Ghanaians.