The government has announced another ambitious plan to help transform the country following the COVID-19 pandemic that has affected the economy.
The Minister of Finance announced that the government will soon launch a GHS100 billion initiative known as the COVID-19 Alleviation and Revitalisation of Enterprises Support (CARES) scheme to help the country recover from the economic shocks brought on by the COVID-19 pandemic.
The 42-months scheme christened Ghana CARES, “Obaatan Pa” is to transform the economy towards massive socio-economic development post-Coronavirus.
Presenting the 2020 mid-year budget review in Parliament today, Thursday, July 23, 2020, the Finance Minister, Ken Ofori-Atta indicated that the new programme is in line with the President’s directive for the development of a fiscal recovery strategy amidst the outbreak of the virus.
“I am happy to announce that the President will in the coming weeks launch a GHS100 billion development programme. It is an ambitious and unprecedented three and a half year programme called Coronavirus Alleviation Revitalization Enterprises Support (CARES) Programme. The Ghana CARE programme ‘obaatanpa’ programme will anchor the comprehensive programme for our transformation as a society.”
The programme which will accelerate the Ghana Beyond Aid transformation agenda is sequenced in two phases – a Stabilisation Phase that runs from July to the end of the year (2020); and a medium-term Revitalisation Phase.
It is aimed at ensuring food security, protect businesses and worker incomes, strengthen the health system, attract private investments and support Ghanaian businesses.
Phase two which will revitalise and transform the economy will be implemented over the medium-term (2021 to 2023).
“Mr. Speaker, we must have the courage and be audacious in repositioning Ghana and Ghanaians, not only to mitigate this pandemic but to implement programs that will transform our country. We should change our approach to our development and dare to do the impossible. Under the leadership of President Akufo-Addo, and informed by broad consultations, we have prepared the Ghana COVID-19 Alleviation and Revitalisation of
Enterprises Support (Ghana CARES) Obatanpa Programme for this very purpose”, Mr. Ofori-Atta added.
On the implementation model for the program, the Finance Minister said, “a whole government approach” will be adopted to ensure its success in close collaboration and support to the private sector.
Ken Ofori-Atta continued by saying that, “in our economic revitalization and transformation, Government will, take resolute measures to improve the business environment for the private sector. Specific measures to be implemented include significant improvements in business regulations and their implementation, digitization to improve quality and transparency of public service delivery, expanding access to finance for Ghanaian business, skills training, and energy sector reform.”