The Senior Minister, Yaw Osafo-Maafo, has officially launched the Coronavirus Alleviation and Revitalisation of Enterprises Support (Ghana CARES) to revitalise businesses and transform the economy, ravaged by COVID-19.
The 100-bilion cedis programme, unveiled on behalf of President Akufo-Addo is a three-and-half year strategy, expected to be a blueprint for rejuvenating and transforming the economy.
The government will provide 30 per cent of the funding with 70 per cent coming from the Private Sector towards implementing various programmes and activities.
The programme, which is in two phases, will build upon the gains made so far under the COVID-19 Alleviation Programme to revitalise businesses from 2021 to 2023.
Additionally, it will provide support for commercial agriculture, build Ghana’s light manufacturing sector, develop engineering/machine tools and change Ghana into a modern digital economy.
In an address on his behalf, President Akufo-Addo said the Ghana CARES programme is a “Ghana Beyond Aid” in action, which would turn around the country’s economic fortunes in 2021 at 5.7 per cent as a result of the implementation of various transformative activities.
President Akufo-Addo reiterated his government’s commitment to building a resilient and people-centred economy with opportunities for all.
He said Ghana has received 1.27 billion dollars from her development partners, including the International Monetary Fund, World Bank, African Development Bank Group and the European Union.
The funds, he said, has helped to save lives and livelihoods, expand health infrastructure including COVID-19 testing facilities and domestic production of personal protective equipment.