Finance Minister, Ken Ofori-Atta in Parliament for the mid year budget review

The Finance Minister, Ken Ofori-Atta has revealed that government will launch a ¢100 billion economic recovery to mitigate the impact of the coronavirus pandemic.

This forms part of a plan to revive Ghana’s economy after suffering devastating setbacks due to the coronavirus pandemic.

“We have brainstormed over the crisis with the view of using the challenges it presents rather as an opportunity to transform Ghana and for all Ghanaians. I am happy to announce that in the coming weeks the President will launch a ¢100 billion development programme.”

“An ambitious and unprecedented three and half years programme called:  Ghana CARES, “Obaatan Pa” which will anchor the comprehensive transformation of our society,” Mr Ofori-Atta said in parliament during the mid-year budget review, Thursday.

He stated that it is important Ghanaians and business owners are not discouraged by the crisis especially because the government is willing to protect, support and sustain livelihoods.

This will, in turn, help the country with it’s Ghana Beyond Aid agenda, he explained.

Ghana recorded its first Covid-19 case in March and as of Wednesday, July 22, the country has 29,672 cases. With 26,090 recoveries, the country’s number of active cases stands at 3,429. Also, 153 Ghanaians have sadly succumbed to the virus. 

After the outbreak, some hot spots country, namely Kumasi, Accra, Kasoa and Tema, went into lockdown for three weeks to limit the spread of the virus. After the lockdown was lifted, businesses were urged to implement some health protocols.

The Finance Minister stated that because the effect of the virus on the economy will be long-lasting, Ghana will need a well-crafted programme to safeguard jobs during this period and especially in the four years ahead. 

Mr Ofori-Atta stated that the ‘Ghana CARES: Obaatan Pa’ program will ensure that Ghana does not only survive this pandemic but recover and thrive.

He revealed that ¢70 billion of the ¢100 billion investment will come from the private sector. 

“Mr Speaker, I consider the CARES programme truly ground-breaking as it requires radical reforms in government, particularly in revenue generation and a radical improvement in doing business for the private sector.”

The government is looking forward to optimising the opportunities presented by this pandemic and build a sustainable future for Ghanaians, he added.