Akufo-Addo to launch GH¢100bn dev’t programme to support industries, Ofori-Atta reveals

The Minister of Finance, Ken Ofori-Atta, has revealed that President Nana Addo Dankwa Akufo-Addo will soon roll out a programme aimed at offering support to businesses hit by the effect of the coronavirus pandemic. The programme, Ghana Coronavirus Alleviation Revitalisation of Enterprises Support (CARES) Programme, will see an investment of GH¢100 billion to boost firms and industries in the country. Mr Ofori-Atta made this known in Parliament on Thursday, July 23 while presenting the government’s mid-year budget review of the 2020 fiscal policy. He said the programme is restore the economy back to the pre-pandemic growth path. The CARES programme was couched based on wide cross-section consultations by President Akufo-Addo. “The programme aims to mitigate the impact of the pandemic on the lives and livelihoods of Ghanaians, and to ensure that we quickly emerge from the pandemic with a stronger and more resilient economy.” The programme is said to be in two phases. Phase One is expected to run from July till end-of-year and it is aimed at stabilising the economy while the second phase is expected to accelerate the Ghana Beyond Aid economic agenda as a medium-term measure. “Mr. Speaker, the stabilisation phase of the programme is aimed at extending the duration or coverage of some of the programmes we have already put in place to provide relief and support to Ghanaians, ensuring food security, protecting businesses and workers, strengthening the health system, and working with this august House to pass some legislations that will be instrumental in attracting private investments to support Ghanaian businesses during the economic revitalisation and transformation phase.” Aside absorbing water and electricity bills for Ghanaians during this phase, government will also increase the business support being given by the National Board for Small Scale Industries (NBSSI). Contractors and suppliers will also be paid during this period to ease the cash flow difficulties in the system. The medium-term phase, according to Mr Ofori-Atta, will run from 2021 to 2023. “The main focus will be to accelerate the implementation of the Ghana Beyond Aid agenda. The programme envisages strong actions to improve the private sector environment and provide support to Ghanaian enterprises in targeted sectors in order to accelerate competitive import substitution and export expansion in light manufacturing. It also envisages optimising the implementation of Government economic flagships and key programmes for greater results and financial sustainability. Mr. Speaker, permit me to highlight some of the main initiatives to be pursued.” By Emmanuel Kwame Amoh|3news.com|Ghana Follow @kwame_amoh]]>