Government spends GH¢ 8.1 million under GhanaCares stabilisation Programme to preserve livelihoods

Accra, Aug. 1, GNA - The Government has spent GH¢ 8.1 million to preserve livelihoods under the Stabilization phase of the GH¢ 100 billion GhanaCares (Obaatan pa) programme.







Under this phase, Ghanaians were provided with foodstuffs free water and electricity to more than 200 vulnerable families and households.

The programme is an unprecedented, bold and audacious GH¢ 100 billion post-COVID programme to stabilize, revitalize and transform Ghana’s economy to create jobs and prosperity for Ghanaians over a three-year period.

Mr Charles Adu-Boahen, Minister of State, Finance said this at the Advantage Knowledge Forum on the theme: "Building Business Agility and Growth for AfCFTA and the Post COVID-19 Era."

The Forum was organized by Enterprise Insurance in partnership with the Greater Accra Region Chapter Association of Ghana Industries (AGI).

He said government also provided GH¢ 750 million business support scheme to enterprise's to mitigate the impact of the pandemic on MSMEs.

The Minister said the second phase, was a medium-term Revitalization Phase from 2021-2023 focusing on industrialisation, affordable housing and digitalisation.

He envisaged the programme would enable the government to boldly build up better and greener business environment.

The Minister said the government looked to see additional collaborations and partnerships between the public and the private sectors to implement policy initiatives under the GhanaCares Programme.

He called on the private sector to buy into the programme and take advantage of the opportunities available.

"This is because, it clearly outlines government’s strategic priorities," he added.

Mr Keli Gadzekpo, Group CEO, Enterprise Group said over the past two years, the world had battled the pandemic and its impact on every aspect of life.

He said businesses faced substantial challenges as business operations were disrupted and normal work routines and social structures were interrupted due to the global pandemic.

He said to meet the challenges posed by the pandemic, businesses around the world had to react in agile and decisive ways.

"The magnitude and speed of change coming out of the pandemic has generated new forms of financial and operational risks as companies grapple with inflation, capacity constraints, and supply-chain disruptions," he said.

He said it was now the time for businesses to reach out and seize the opportunities emerging in the recovery and build strategic resilience for the future.

Mr Gadzekpo said beyond its ground-breaking size, the AfCFTA promised to be a paradigm shift and a deeper commitment to the integration of the continent by negotiating goods and services simultaneously.

The Group CEO said the agreement was a potential economic game-changer for Africa’s development not only because of its potential to enhance intra-African trade.

He said it would also provide an opportunity for countries in the region to competitively integrate into the global economy, reduce poverty and promote inclusion.

Mr Tsonam Cleanse Akpeloo, Accra Regional Chairman, AGI said the Association had completed a comprehensive study on the impact of COVID-19 latter part of last year, and it showed over 80 per cent of its members have been affected by the pandemic.

He said they were fortunate for the government to relieve industry by providing the stimulus for businesses affected by COVID-19.

He said there was the need for the Development Bank of Ghana to support industries was a great intervention for industrial growth.

He said as a leading private-sector advocate in the country, they would continue to engage government and all stakeholders on issues that affected industries.

Mr Akpeloo said the Association would develop programmes and systems to scale up members to compete globally and "we will engage various stakeholders on Advantage Knowledge Forum to find solutions."

On AfCFTA, the AGI Accra Regional Chairman said it was important to develop a well-planned and deliberate strategy and combine entrepreneurial and industrial efforts to reap the benefits of AfCFTA.
GNA