The Vice President, Dr Mahamudu Bawumia, has reassured Ghanaians on the ability of the Akufo-Addo-led administration to revive the economy from the adverse effect of the Covid-19 pandemic.
Speaking at the 5th edition of the Ghana CEO Summit held in Accra, Monday, Dr Bawumia noted that the initiatives undertaken by government to remedy the Covid-19 crisis are equivalent and, in some cases, surpass those of advanced economies.
“Ghana has made a combination of social and economic interventions and policy choices on many fronts. What Ghana has done and continues to do square well with the way advanced economies are carrying out the fight against the pandemic, and even in some cases, we are doing even better,” he said.
He named the revision of interest rates, easing liquidity in the financial market, and reviewing state policies as some of the interventions adopted to recover the economy.
According to the Vice President, this would mitigate the effects of Covid-19 on key economic holders who were significantly affected in diverse ways, resulting in a “high level of uncertainty and a plunge in business confidence.”
“We continue to deploy an array of social and economic interventions - temporarily lowering the bar on fiscal prudence and continue to revise policy choices and interventions as needed.
“The Central Bank ably is doing its part, thus lowering interest rates, easing liquidity, mindful not to ignite inflation more than the economy can handle and what people expect," he stated.
He also explained that the Ghana Cares Programme instituted by government that seeks to recover the economy in the shortest possible time will require efforts of institutions in the private sector.
Nonetheless, he emphasized that “we will continue with our comprehensive efforts to save lives, safeguard the educational system, minimize interruptions in the educational system, ensure micro small medium and large enterprises continue to thrive and continue to fuel the economy even as the pandemic persists.”
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
5 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
9 hours