The Chairman of the Council of State, Nana Otuo Siriboe II, has urged Ghanaians to unite in support of the government’s recovery programme, and see the light ahead in Ghana’s economic trajectory.
During a Council of State meeting attended by Finance Minister, Ken Ofori-Atta, Chairman Otuo Siriboe II said it is time Ghanaians to stick together and rally behind government as the country embarks on a path of renewed growth.
“There is light ahead for Ghana. We must remain optimistic and steadfast in our belief that our country will overcome the challenges it currently faces,” Nana Otuo Siriboe declared.
“The IMF Programme approval marks a turning point, which will energise our path to renewed growth and catalyse further opportunities for economic recovery.”
The Chairman expressed his optimism about the country’s prospects, highlighting the approval of the International Monetary Fund (IMF) Programme as a turning point that would invigorate Ghana’s growth trajectory and open doors to further opportunities for economic recovery.
He stressed the need for unity, resilience, and unwavering belief in Ghana’s potential to overcome the challenges it currently faces.
He said the IMF’s $3 billion bailout presented a unique opportunity for Ghana to reboot its economy, and encouraged Ghanaians to embrace this opportunity and work together to optimise its benefits.
He emphasised that by joining forces, Ghana can achieve remarkable progress and build a prosperous future for all its citizens.
The meeting, which was attended by key government officials including the Finance Minister and members of the Council of State, aimed to educate stakeholders about the details of Ghana’s Growth Agenda and the IMF Programme, while also soliciting input for effective implementation.
On his part, Finance Minister Ken Ofori-Atta, acknowledged the significant strides already made in Ghana’s recovery journey.
“We have come a long way, and we are determined to continue on this path of progress. The IMF Programme will provide the necessary support to restore our economy and set us on a trajectory of sustained growth,” the Minister affirmed.
He took time to outline Ghana’s Post Covid-19 Programme for Economic Growth (PC-PEG).
The economic blueprint encompasses four key objectives. The first objective, he said, focuses on restoring macroeconomic stability, including managing inflation, stabilizing the exchange rate, and creating a favorable business environment.
The second pillar of the PC-PEG addresses Ghana’s fiscal challenges. The Minister highlighted the government’s commitment to bringing fiscal operations and public debt to sustainable levels. Measures such as comprehensive tax administration reforms and prudent fiscal policies will be implemented to ensure a sound economic foundation.
Structural reforms comprise the third objective of the PC-PEG. The Minister emphasized the importance of improving the business environment, attracting private sector investments, and bolstering infrastructure development. The financial sector will also receive support through regulatory forbearances and the operationalization of the Ghana Financial Stability Fund (GFSF).
The final objective of the PC-PEG centers around promoting strong and inclusive growth while safeguarding the poor and vulnerable. The government plans to stimulate economic activity, create job opportunities, and attract investments. Concurrently, social safety nets and targeted support programmes will protect the most vulnerable members of society, ensuring that the benefits of recovery are widely shared.
Nana Otuo Siriboe II expressed his gratitude to the Finance Minister and his team for their dedication and tireless efforts in formulating the growth programme and securing IMF support.
He encouraged the government to continue spreading the message of hope and progress throughout the nation.