Renowned Ghanaian Economist, Kwame Pianim has advocated for the expeditious implementation of the COVID-19 Alleviation and Revitalization of Enterprise Support initiative, also known as the Ghana CARES programme which was launched in November 2020.
According to the economist, the $100 billion dollar initiative has the potential to accelerate the country’s recovery following the devastation caused by the pandemic.
The Ghana CARES “Obaatan pa” programme according to Government is expected to stabilize, revitalize and transform Ghana’s economy to create jobs and prosperity for Ghanaians over a three-year period. It is sequenced in two phases: a Stabilization Phase that runs from July to the end of the year 2020, and a medium-term Revitalization Phase from 2021-2023.
Speaking to Bernard Avle on Citi TV‘s Point of View, Mr. Kwame Pianim called on Ghanaians to rally behind President Nana Akufo-Addo, following a favourable resolution of the ongoing election petition, to implement the Ghana CARES initiative.
“The Ghana CARES programme says we are going to give support to our industries to alleviate the challenges of COVID-19, stimulate Agriculture, with a focus on programs like planting for food and jobs. We should all help Nana Akufo-Addo to implement it after the court case is finished, and he’s declared President. The President needs to hit the ground running.”
Amongst its key areas of focus are supporting commercial farming and attracting educated youth into agriculture, building Ghana’s light manufacturing sector as well as the ICT/digital economy, while developing Ghana’s housing and construction industry, reviewing and optimizing the implementation of Government flagships and key programmes amongst others.
The renowned economist also reiterated the importance of not taking for granted the opportunities afforded Ghanaian businesses following a disruption to the global supply chain as a result of the coronavirus pandemic.
GHS100bn Ghana CARES program to be financed through FDIs and PPPs
Government says it is looking forward to funding its ambitious GHS100 billion Ghana CARES programme and other initiatives through Foreign Direct Investments (FDIs) and Private Public Partnerships.
In a bid to pursue a comprehensive transformation of the Ghanaian economy due to the devastating impact of the COVID-19 pandemic, the former Finance Minister in presenting the 2020 Mid-year budget review, announced the setting up of the Ghana Coronavirus Alleviation Revitalization of Enterprises Support Program over a three and a half year period.
Speaking on the Point of View, Mr. Ofori-Atta said, “I think we are looking more at PPPs and FDIs directly into that. We certainly will then determine each of these transactions, whether government will have to do something with tax waivers or others”.
The former Finance Minister said government is seeking to introduce a policy that will ensure that funds are first sourced locally for domestic projects before external sources are considered.
