The Finance Minister, Ken Ofori-Atta has stated that despite the negative impact of the Covid-19 pandemic, the country’s economy will recover.
Presenting the budget for the first quarter of 2021 in Parliament on Wednesday, Mr Ofori-Atta noted that initiatives are being implemented by the Akufo-Addo-led administration to ensure that the goal is achieved.
He also stated that the nation will fully utilise the opportunities that come with Accra being the headquarters of the African Continental Free Trade Area (AFCFTA) in the sub-region.
“Mr. Speaker, I want to assure this House that we will recover, we will revitalize, and we will transform the economy.
“We [Government] have planted the seeds for a fast-paced and more inclusive recovery. Recognizing the role of capital and credit, we are certain that the cleaned-up and revitalized financial sector will support our recovery efforts and sustain growth,” he said.
Highlighting the initiatives that will facilitate the growth of the economy, Mr Ofori-Atta said government has established specific funds that will be invested into various private sector enterprises.
He indicated that “the Ghana Incentive-based Risk Sharing System for Agricultural Lending (GIRSAL) has been introduced to facilitate lending to the Agricultural sector, the Ghana Amalgamated Trust (GAT) to support indigenous participation in the banking sector, the Ghana Commodity Exchange (GCX) to modernize Agricultural transactions and provide security for our farmers, the Ghana Deposit Scheme (GDS) to protect depositors funds, the National Housing and Mortgage Finance Scheme (NHMFS) to provide mortages to our working class and middle class citizens, the 2 billion cedi Credit Guarantee Scheme (CGS) to support large businesses, and the CAPBUSS scheme run by NBSSI to support MSME’s amongst others, in order to sustain and complement these reforms.
For the works and housing sector, the Minister promised that a significant investment will be made in the sector to propel job creation and enhance artisanal skills.
He also insisted that the Akufo-Addo-led administration has exhibited its ability to revamp the economy by turning around the ailing economy it inherited from the Mahama-led government to a more successful one.
For that matter, the Covid-19 pandemic, just like any crisis will be well managed for the economy to recover.
“Mr. Speaker, we took the necessary and bold steps to stabilise the economy, ensure food security, protect businesses and worker incomes, strengthen the health system, attract private investments, and support Ghanaian businesses.
“We will preserve the gains as we continue to protect lives and livelihoods from the Covid-19 pandemic. The collective successes we have achieved so far demonstrate our dedication and commitment towards a transformed Ghana and its people, beyond aid.”