Government has provided evidence to back its claim that the Ghanaian economy has started recovering from the shocks it suffered as a result of the Covid-19 global pandemic.
Growth averaged 7% in the 1st three years of the Akufo-Addo administration until Covid hit and slowed it down to about 1% in 2020. Prior to this slowdown, about three million jobs were created while the private sector also expanded and created more jobs.
While the predicted economic slowdown has caused discomfort for some Ghanaians, government says early evidence in the 2021 macro data shows the recovery borne out of its interventions have started bearing fruits.
Minister for Finance, Ken Ofori-Atta said this during his presentation of the mid-year fiscal policy review to Parliament on Thursday, July 29, 2021.
He said government’s transformation agenda is “very much on course.”
Data from the Ghana Statistical Service (GSS) indicate that the Ghanaian economy expanded by 3.1% in the first quarter of this year, the lowest since the same period in 2019.
The Bank of Ghana Composite Index of Economic Activity (CIEA) attests to the strong growth recovery, with the index growing at 33.1 per cent at the end of May 2021 compared to a contraction of 10.23 per cent at the end of May 2020.
According to the Minister, it is in view of this that the GhanaCares Obaatanpa programme was launched in November last year with an audacious GH¢100 billion revitalsation of enterprise support scheme.
The first phase of the programme which was rolled out last year builds on actions already taken by government, including stabilisation of the economy, ensuring food security, support businesses and workers, strengthening the health system and passage of legislation to facilitate quick economic recovery.
The second phase, which aims at revitalizing and transforming the economy from 2021-2023 will focus on supporting commercial farming and attracting educated youth into agriculture, building Ghana’s light manufacturing sector and several other sectors.
This the Minister said: “since the turn of this year, we have been purposefully pursuing the second phase of the Ghana CARES programme to revitalise the economy and set it on track for transformation.
"As already articulated, our approach under this programme is to revitalize the private sector in targeted sectors to fast-track competitive import substitution, export expansion and the creation of decent jobs for our youth in a commercial environment that is increasingly regionally integrated.”
He said to fully operationalize the programme, government has put in place a well-thought-out implementation and coordination framework with a functional and staffed GhanaCARES Coordinating Office within the Ministry of Finance.
Additionally, he said a GhanaCARES Delivery Units (including sector specialists from the Private Sector) has been activated in all participating Metropolitan and District Assemblies (MDAs).
Latest Stories
-
Paris Olympic hopes hang in the balance as Ghana’s 4×100 relay team drops baton at World Relays
25 mins -
Western Regional House of Chiefs commends Bawumia for his humility and respect for traditional authorities
1 hour -
#JustTurned18: First-time voters critical to deciding 2024 presidential election
3 hours -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
3 hours -
Former IGP passes on
3 hours -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
3 hours -
Millennium City: Land owner breaks silence on fatal shooting of soldier
3 hours -
Photos of 2024 Aboakyer Festival
4 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
4 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
4 hours -
IMF calls for tariff adjustment for energy sector cost recovery
5 hours -
Samson’s Take: Journalists, block the pretentious idiots
6 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
7 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
7 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
8 hours