Finance Minister-designate Ken Ofori-Atta has identified the Ghana Revenue Authority (GRA) and the Ghana Investment Promotion Centre (GIPC) as institutions that are key to the achievement of the GH¢100 billion Ghana Cares “Obaatan pa” programme initiated by government.
The post-COVID Cares programme is expected to stabilise, revitalise and transform Ghana’s economy and create jobs and prosperity for Ghanaians over a three-year period.
Responding to questions on the programme at his vetting before Parliament’s Appointments Committee on Thursday, Mr. Ofori-Atta said, “The issue going forward is how do we fund such a programme in the new normal that we see. What we [decided] was that we will have a different entity working within GRA to look at ways to raise an additional GH¢30 billion outside what they raise for government.
“Also, GH¢70 billion will be public-private sector-led. In this regard, we will be working closely with GIPC to determine partners in the international sphere, who will then bring this resource to bear.”
Mr. Ofori-Atta said the Cares programme will grow the country’s economy, with real GDP expected to increase by 5 percent in 2021.
“Amidst a historic global recession, Ghana’s economy has shown resilience and robustness, outperforming its peers. The Ghana Cares programme’s implementation will see growth rebound to 5 percent, and that is why we are confident that we will emerge from the COVID-19 pandemic with a stronger and more resilient economy,” he added.
The Cares programme is sequenced in two phases: the stabilisation phase and the medium-term revitalisation phase. It is expected to provide the necessary support to businesses that have been dealt a blow by the global pandemic.