As part of efforts to revive Ghana’s economy after suffering devastating setbacks due to the coronavirus pandemic, Government has formally launched the GH¢100 billion Ghana COVID-19 Alleviation and Revitalization of Enterprise Support Initiative, simply known as Ghana CARES “Obaatan pa” programme.
Speaking on behalf of President Nana Akufo-Addo, at the launch of the initiative, Senior Minister Yaw Osafo-Maafo stated that the programme is in line with goverment’s Beyond Aid agenda.
He said government expects growth to rebound strongly in 2021 at 5.7 percent as a result of the implementation of the transformation and revitalization phase of the programme.
“The pandemic creates an opportunity for us to remodel the wealthy, inclusive, sustainable and empowered and resilient Ghana, a wiser Ghana, which is the goal of Ghana Beyond Aid, a Ghana that is able to stand on its own feet. A Ghana that is beyond the dependence of the charity of others to cater for issues of its people. The COVID-19 pandemic has sharply reminded us of all the wisdom of this course of Ghana Beyond Aid. The 100 billion Ghana Cares Obantanpa Program is Ghana Beyond Aid in Action, and we expect growth to rebound strongly in 2021 at 5.7% as a result of the implementation of the transformation and revitalization of the phase of Ghana Cares Obaatanpa Program in 2020,” he said.
On his part, Minister of Finance, Ken Ofori-Atta reiterated the call for the full engagement of private sector partners (international and domestic) to fully implement this programme.
“The timing of implementation during the pandemic continues to perplex many. However, we know our God will give us success as in the times of Nehemiah and has done for us since we came into government in 2017 to fully implement this program. We will also need the full engagement of our private sector partners international and domestic. We’ve already signalled that 70% of the financing will be sought from the private sector. Government will do it’s utmost to create a most conducive business arrangement for them to invest, create jobs and thrive,” he said.
In its quest to pursue an aggressive process of rebuilding the Ghanaian economy due to the devastating impact of the COVID-19 pandemic, government in July announced the setting up of a 100 billion Ghana cedi development programme known as the ‘Ghana Coronavirus Alleviation Revitalization of enterprises Support Program’.
The programme will be in two phases. The first phase of the programme will build on the actions already taken by government under the Coronavirus Alleviation Programme whilst the second phase aims at revitalizing and transforming the economy from 2021 to 2023.
Government also says it is looking forward to funding the GHS100 billion Ghana CARES programme and other initiatives through Foreign Direct Investments (FDIs) and Private Public Partnerships.