Gov’t targets 70% private financing for Ghana CARES program
Adnan Adams Mohammed
The Ghana Government has launched the Ghana COVID-19 Alleviation and Revitalization of Enterprise Support (Ghana CARES) initiative to pool together GH¢100 billion in public and private funding to help mitigate the economic challenges brought on by the Coronavirus pandemic.
Government has indicated that, it is seeking to raise at least 70 percent out of the GH¢100 billion from the private sector, and the 30 percent left from public funding and grants.
The programme, which is also known as the “Obaatan Pa” is expected to be rolled-out over the next three years as part of the government’s resolute steps to get the economy back on track.
“We have already signaled that 70 percent of the financing will be sought from the private sector and government will do its utmost to create a more conducive environment for them to invest, create jobs and thrive,” Finance Minister, Ken Ofori-Atta said, last week, at the launch of the initiative. Adding that, “to fully implement this programme, government will need the full engagement of private sector partners, both on the international and domestic market.”
He explained that the Ghana CARES “Obaatan Pa” programme provides a mechanism to consolidate private sector investment into productive sectors of the economy to create a dynamic regional economy for Ghana.
“We will provide the support to build back boldly but smartly, paying greater attention to inclusive growth especially in the areas of health, agriculture, industrial processing and service delivery,” he said.
The Minister noted that government’s comprehensive approach under this programme is focused on saving lives, as well as protecting the poor and vulnerable, whilst ensuring business rebuilding and growth in sustainable ways.
“So, we look forward to establishing a dynamic national enterprise culture of an open economy with flexibility of labour, capital and product markets. An economy characterised by efficiency, social justice, social mobility and prosperity for all; the preferred destination for business and commerce on our beautiful continent with a common African Continental Free Trade Area market and population of 1.2 billion and a GDP of US$2.5 trillion,” Mr. Ofori-Atta said.
Describing the “Obaatan Pa” programme as “ambitious and unprecedented”, President Nana Addo Dankwa Akufo-Addo reiterated that the roll-out of the programme over the next three years is part of the government’s resolute steps to get the economy back on track.
President Nana Addo Dankwa Akufo-Addo also pledged his commitment to building an all-inclusive Ghana.
“Fellow Ghanaians, I pledged to build a Ghana that works and gives every one of us the opportunity to improve our lives. Over the last 3 years and 10 months, my government has done exactly that. We have stabilized the economy to create the enabling environment for business.
“This three and a half year, two-phased ¢100bn Ghana CARES “Obaatan Pa” Programme is Ghana Beyond Aid in action! We must take advantage of the opportunity the pandemic has afforded us to do things differently.”
Senior Minister Yaw Osafo-Maafo spoke on behalf of the President described the Ghana CARES ‘Obatan Pa’ Programme as Ghana Beyond Aid in action which is expected to turn around the economic fortunes in 2021 at 5.7 percent.