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Finance Minister Ken Ofori-Atta has stated that despite the negative impact of the Covid-19 pandemic, the country’s economy will recover.
Presenting the budget for the first quarter of 2021 in Parliament on Wednesday, Mr. Ofi-Atta noted that the administration led by Akufo-Addo is implementing initiatives to ensure the goal is achieved.
He also stated that the nation will make the most of the opportunities afforded by Accra being the headquarters of the African Continental Free Trade Area (AFCFTA) in the subregion.
“Mr. President, I want to assure this House that we will recover, revitalize, and transform the economy.
“We [Government] they have planted the seeds for a faster and more inclusive recovery. Recognizing the role of capital and credit, we are confident that the cleaned and revitalized financial sector will support our recovery efforts and sustain growth, “he said.
Highlighting the initiatives that will facilitate the growth of the economy, Mr. Ofori-Atta said that the government has established specific funds that will be invested in various private sector companies.
He noted that “Ghana’s Incentive-Based Risk Sharing System for Agricultural Loans (GIRSAL) has been introduced to facilitate loans to the agricultural sector, the Ghana Amalgamated Trust (GAT) to support indigenous participation in the banking sector, the Bolsa Commodity Exchange (GCX) to modernize agricultural transactions and provide security to our farmers, the Ghana Deposit Scheme (GDS) to protect depositors’ funds, the National Housing and Mortgage Finance Scheme (NHMFS) to provide mortgages to our working-class and middle-class citizens, the 2 billion ceded Credit Guarantee Scheme (CGS) to support large companies, and the CAPBUSS scheme administered by NBSSI to support MSMEs, among others, in order to sustain and complement these reforms.
For the construction and housing sector, the Minister promised that a significant investment will be made in the sector to boost job creation and improve craft skills.
He also insisted that the Akufo-Addo-led administration has demonstrated its ability to revamp the economy by turning the ailing economy it inherited from the Mahama-led government into a more successful one.
In fact, the Covid-19 pandemic, like any crisis, will be well managed for the economy to recover.
“Mr. Speaker, we are taking the necessary and bold steps to stabilize the economy, ensure food security, protect business and workers’ incomes, strengthen the healthcare system, attract private investment, and support Ghanaian businesses.
“We will preserve profits while continuing to protect lives and livelihoods from the Covid-19 pandemic. The collective successes we have achieved so far demonstrate our dedication and commitment to a transformed Ghana and its people, beyond aid. “
