President Nana Addo Dankwa Akufo-Addo, in the coming weeks, will launch a GHc100- billion-Coronavirus Alleviation and Revitalisation of Enterprises Support (CARES) programme, to revitalise and transform the Ghanaian economy.
The three-and-half year comprehensive and audacious programme, also known as Ghana Cares or ‘Obaatanpa’, seeks to stabilise and revitalise the Ghanaian businesses ravaged by the COVID-19 pandemic.
It is expected that 70 per cent of the funds for implementation would come from the private sector whilst 30 per cent from the public sector.
Mr Ken Ofori-Atta, the Finance Minister, announced this at the Mid-Year Budget Review and Supplementary estimates presented to Parliament on Thursday.
Providing details of the CARES programme, the Minister said, it would promote the ‘Ghana Beyond Aid’ agenda and ensure that the macroeconomic gains achieved over the last three years were not eroded.
“The Government, through the COVID-19 Alleviation Revitalization and Enterprises Support (CARES) programme, will implement a number of strategies to stabilise and revitalise the economy and return to the path of robust growth, and to the five per cent fiscal deficit threshold as the law requires,” Mr Ofori-Atta said.
Over the medium-term (2021-2023), he explained, the programme would provide strong support for housing and construction industry through mortgage, accelerate the implementation of the Ghana Beyond Aid agenda, envisage strong action to improve the private sector environment and support for Ghanaian enterprises, to accelerate import substitution and export expansion in light manufacturing.
It would also optimise the Government’s flagship initiatives such as the Planting for Food and Jobs; and the Rearing for Food and Export; and agro processing.
It would also help to digitise the economy, enhance commercial farming, the pharmaceuticals, and textiles and garments sector for greater results and financial sustainability.
More also, the CARES programme, he said, intended to establish Ghana as a key financial hub, leveraging the African Continental Free Trade Area (AfCTA) by establishing an International Financial Services Centre( IFSC).
It would also strengthen the Ghana Investment Promotion Centre (GIPC) and the Ghana Free Zones Authority (GFZA) for investment promotion.
Mr Ofori-Atta noted that President Akufo-Addo had shown leadership, competence, decisiveness and passion in the management of the COVID-19 pandemic.