President Nana Akufo-Addo has said his government is hinging Ghana’s economic recovery on the GHS100 Ghana CARES (Obaatanpa) programme.
The Ghana COVID-19 Alleviation and Revitalisation of Enterprise Support initiative was launched in November last 2020.
According to the Finance Ministry, it is an “unprecedented, bold and audacious GHS100 billion post-COVID programme to stabilise, revitalise and transform Ghana’s economy to create jobs and prosperity for Ghanaians over a three-year period”.
It is sequenced in two phases: a Stabilisation phase that was to run from July 2020 to the end of that year; and a medium-term revitalisation phase from 2021 to 2023”.
The first phase of the programme was to build on the actions already taken by the government under the Coronavirus Alleviation Programme, including stabilising the economy, ensuring food security, supporting businesses and workers, strengthening the health system and legislating to facilitate quick economic recovery.
The second phase will focus on supporting commercial farming and attracting educated youth into agriculture, building Ghana’s light manufacturing sector, developing engineering/machine tools and ICT/digital economy, developing Ghana’s housing and construction industry, reviewing and optimising the implementation of the government’s flagship and key programmes among others.
Addressing the nation on the country’s 64th-anniversary celebration on Saturday, 6 March 2021, the President said: “Ghana is taking steps to revitalise the economy”, adding: “A process that is hinged on the GHS100 billion Ghana Cares Obatanpa programme. This is aimed at transforming our economy, which is our main national priority.”
“The Minister of Finance will, within the month, provide further details on measures to be taken to spiral the process of economic recovery”, the President said.
“The benefits of this economic recovery agenda will begin to show a year from now. A year from now, our quest to move Ghana to a situation beyond aid will be accelerated, and our self-reliance enhanced. A year from today, Ghana will become one of the fastest-growing economies not only in the continent but the world at large.”
“A year from now, we will begin processing our raw materials and, in effect, more jobs will be created for the millions of Ghanaian youths. Fellow Ghanaians, this is not beyond us. If we put our mind to it, we, who were the first to gain independence, can make it,” the President said.