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Business News of Wednesday, 26 January 2022


A look into what Ghana CARES Obaatanpa Programme entails

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

As part of Ghana’s COVID-19 recovery programme, Senior Minister Yaw Osafo-Maafo on behalf of President Nana Addo Dankwa Akufo-Addo launched the “Ghana COVID-19 Alleviation and Revitalisation of Enterprises Support” (Ghana CARES) programme on November 18, 2020, in Accra.

It is also known as "Obaatan Pa” meaning “a good mother”.

The program according to government, is the country’s blueprint towards its recovery post-COVID-19.

According to Osei Kyei-Mensah-Bonsu, the Ghana CARES program "is the boldest and biggest economic recovery program in the country's history, will enable the country to turn the challenges created by COVID-19 into opportunities for socioeconomic transformation".

The Ghana CARES (Obaatan pa) programme is an unprecedented, bold and audacious GHȻ100 billion post-COVID programme 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 is running from July to the end of the year (2020); and a medium-term Revitalization Phase from 2021-2023 according to the Ministry of Finance.

The first phase of the programme builds on the actions already taken by Government under the Coronavirus Alleviation Programme, including stabilization of the economy, ensuring food security, supporting businesses and workers, strengthening the health system and passage of legislation to facilitate quick economic recovery.

The second phase aims at revitalizing and transforming the economy from 2021-2023 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 optimizing the implementation of Government flagships and key programmes among others.

Almost two years after the launch of the programme, President Akufo-Addo, has stated that “this initiative is inspiring the desired dividends that we anticipated. As a result of government’s policies, the economy grew at a provisional 5.2% in the first three quarters of 2021. This growth is expected to be sustained in the medium term.

The overall real GDP for the medium term is projected to grow at an average rate of 5.6%, and we remain committed to returning to the fiscal deficit target threshold, as enshrined in the Fiscal Responsibility Act, Act 982, from this year.”

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