Government has
assured that the announced structural and financial reforms expected to help
stabilize the economy will not lead to job losses.
The government
has come up with a Post-COVID-19 Programme for Economic Growth (PC-PEG) which
is backed by the International Monetary Fund and encompasses reforms to revive
the economy.
In a press
briefing on Sunday, June 18, Finance Minister Ken Ofori-Atta intimated that the
reforms are aimed at strengthening the economy and not targeted at job cuts.
“We expect
multilateral support of about US$2.0 billion for 2023 and US$6.2 billion
between 2023 and 2026. We expect the World Bank to provide a total support of
US$1.6 billion whilst the AfDB provides a total support of US$200 million over
the programme period. In addition, we expect to mobilize catalytic funding of
US$30 million in 2023 and US$330 million between 2023 and 2026 from bilateral
creditors.”
“Government
intends to invest these resources to advance macroeconomic stability and shared
economic growth. Government is very intentional in ensuring that growth and job
creation are not sacrificed in the process of restoring macroeconomic stability
and debt sustainability. Specific interventions to support the economic recovery
process include: improving the business environment, reducing the cost of doing
business and enhancing export competitiveness,” Mr. Ofori-Atta added.
The Minister
further stated that the government is poised to collaborate with its external
partners and other government agencies to attract significant private capital
to complement its efforts.
“While
aggressively mobilising domestic revenue, we remain focused on mobilising
complementary sustainable external resources for our recovery and reform efforts
to build the resilience that will promote shared prosperity for our people,
while protecting and improving the lives of our more vulnerable population. A
special collaborative effort between the Ministry of Finance, Ministry of
Trade, Ministry of Agriculture and GIPC will be part of the programme on the
thematic working group on growth to attract significant private capital.”
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