The Caretaker Finance Minister says the Coronavirus Alleviation and Revitalisation of Enterprise Support (CARES) initiative by President Akufo-Addo will turn the challenges posed by the coronavirus pandemic into opportunities for socio-economic transformation.

Presenting the 2021 Budget Statement and economic policy on the Floor of Parliament on Friday, Osei Kyei-Mensah-Bonsu indicated that the initiative is meant to help Ghanaians and businesses against the adverse economic effects of the virus.

He stated that a ¢100 billion investment into GhanaCARES (Obaatan pa) programme will revitalize the economy.

"The next four years will see a more clinical structural focus on President Akufo-Addo’s transformation agenda as we build with deliberate rapidity on the gains so far made.

"In this regard, pursuing the GH¢100 billion GhanaCARES (Obaatan pa) programme, which by far is the boldest and biggest economic recovery programme in the country’s history, will enable us to turn the challenges created by Covid-19 into opportunities for socio-economic transformation. This programme will foster closer collaboration with the Ghanaian private sector, labour, the people, our development partners and foreign investors," he stated.

The Suame MP further stated that, through the Obaatan pa programme, the country will revitalize the housing and construction industry to address the severe housing deficit and create job opportunities.

This among other opportunities, he said the initiative will support the private sector and entrepreneurs to become a powerful engine for job creation.

In order to ensure a longer life span for the initiative, Kyei-Mensah-Bonsu revealed that government will partner with the private sector, academia and other practitioners to facilitate and monitor implementation.

He also said there will be regular, institutional engagements to ensure the achieve synergies and track results on a timely basis.