PRESIDENT NANA ADDO HAS DESTROYED NDC
• Ghanaians will enjoy another three months of free water and electricity supply as government further reduces the burden of the Covid-19 pandemic on the citizenry. The Finance Minister, Ken Ofori-Atta who announced this during his Mid-year Budget review said it is because government puts the concerns and aspirations of the ordinary Ghanaian first.
• Ghanaians should note that, In April this year, the president announced three months of free electricity for consumers of a particular category, to make up for lost income following a lockdown in Accra and Kumasi due to the Covid-19 pandemic.
• Government has established a Guarantee Scheme of up to ¢2 billion to enable businesses to borrow from banks at a more affordable rate and a longer course. The Minister told Parliament that the establishment of the ¢2 billion Guarantee Scheme is to help businesses to access loans from banks at affordable rates in order to retain jobs and to save businesses who have been impacted negatively by the coronavirus pandemic.
“Ghana CARES Obaatan Pa” Programme
The Finance Minister, Ken Ofori-Attah as part of his presentation at the mid-year budget review announced the implementation of “Ghana CARES Obaatan Pa” Programme.
• Ghanaians, this is a ¢100 billion development initiative designed by government to mitigate the economic challenges brought on by the Coronavirus pandemic.
• The roll-out of the programme over the next three and a half years is part of government’s resolute steps to get the economy back on track, and would “anchor the comprehensive transformation of our society.”
• The initiative is sequenced in two phases: a Stabilisation Phase that would run from July to the end of the year (2020); and a medium-term Revitalisation Phase (to be implemented from 2021-2023) would revitalise the economy and accelerate the Ghana Beyond Aid transformation agenda.
• The Stabilisation phase of the Ghana CARES programme will ensure food security, protect businesses and worker incomes, strengthen the health system, attract private investments and support Ghanaian businesses
• This phase would be unfolded in the next 6 months and is intended to transform and modernize the country. It would include among others, the following;
1. Reducing CST from 9% to 5%
2. Establishing a GH¢2 billion Guarantee Facility to support all sectors of business and job retention
3. Establishing an Unemployment Insurance Scheme
4. Creating a GH¢100m Fund for Labour and Faith-based organisations for retraining and skills development
5. Increasing the CapBuss Programme by GH¢150 million to, facilitate credit of GH¢50 million to support the Creative Arts, the Media and the Conference of Independent Universities,
6. Retaining provision of free water for the next three months g.
7. Retaining free electricity for all life-line customers for the rest of the year.
• The CARES Revitalisation & Transformation phase of the programme is about national survival and security. It will require a “Whole-of-Government” approach that would need Parliament “to pass a number of legislations that will provide a strong framework to raise the funds, attract the investments necessary to rationalise and strengthen support to SMEs.
• These will include Bills on tax exemptions, public-private partnerships (PPPs), the Ghana Investment Promotion Centre (GIPC), Development Finance Institutions, Home Ownership Financing and Enterprise Ghana.