The Minister of Finance, Mr Ken Ofori-Atta gave the assurance at the Minister’s Press Briefing series in Accra yesterday. The event was to update the public on the progress of key government programmes and the bread and butter concerns of citizens. The minister said the government had taken a critical look at a social media campaign dubbed #FixTheCountry and was determined to address the issues raised by the youth who were championing the campaign. Although the minister mentioned the biting effects of COVID-19 on the economy, he nevertheless indicated that the government would not complain about the development, but would remain focused on putting in place the necessary structures and interventions that would help speed up the recovery of the economy from the shocks of the pandemic and ensure social justice and mobility for all citizens. Unfortunately, these external shocks have heightened Ghana’s perennial problems, which we are committed to addressing, the minister said.
He said by the end of July, a new Development Bank would be established to provide long-term wholesale financing to the private sector through commercial banks. The Minister said he was working with the Ministers of Roads and Highways, Transport and the Interior to address congestion along the major highways.
Finance Minister Ofori-Atta said in extraordinary times, what was expected from the government was exceptional leadership. He commended the youth for calling on the government and leaders of the country to be at their best. He said until the country was hit in March 2020, everything was on course to achieving the objective to stabilise and grow the economy, create jobs especially for the youth, modernise, digitise and formalise the economy and provide social protection for the vulnerable. The Finance Minister noted that there was a need for the government to invest more in the organisational capital of Ghanaian businesses, as it was the only means for the economy to fully recover from the negative impact of the pandemic. He said the President made it an utmost priority to protect Ghanaian lives above all else, which was captured in his now world-famous quotation — “‘We know what to do to bring our economy back to life. What we do not know how to do is to bring people back to Life”
He said the government would strengthen small and medium enterprises (SMEs) and empower captains of industry to be in the position to better negotiate and make the right gains from investments. Between 2017- 2019, the Ghanaian economy grew by 7 per cent. “As a result of the prudent policies, the economy continued to remain resilient in 2020, even at the height of the COVID-19 pandemic,” he said. He mentioned among other things, the implemented flagship initiatives, introduction and restoration of enhanced social protection policies, implementation of many digitalisation programmes to transform the economy and the cleaning of the financial sector.