Chairman Otuo Siriboe II of the Council of State has called on the Ghanaians to come together and support the government’s efforts to revive the country’s economy.
Speaking at a recent Council of State meeting attended by Finance Minister Ken Ofori-Atta, Chairman Otuo Siriboe II emphasized the need for unity as Ghana embarks on a path towards renewed growth. In his address, Chairman Otuo Siriboe II expressed unwavering optimism and urged Ghanaians to believe in the brighter future that lies ahead.
“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,” he said.
He argued that the $3 billion IMF bailout offered a rare chance for the country to revive its economy and urged Ghanaians to seize the chance and cooperate to reap its advantages.
He emphasized that by working together, Ghana can make outstanding progress and ensure the prosperity of all its residents.
Key government representatives, including the Finance Minister and members of the Council of State, attended the meeting, which had the dual objectives of informing participants about Ghana’s Growth Agenda and the IMF Programme and obtaining feedback for its successful 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.
Under the third objective of the PC-PEG, structural reforms take center stage. The Minister emphasized the significance of enhancing the business environment, attracting private sector investments, and bolstering infrastructure development. Additionally, the financial sector will receive support through regulatory forbearances, and the Ghana Financial Stability Fund (GFSF) will be operationalized to ensure stability.
The final objective of the PC-PEG revolves around promoting robust and inclusive growth while safeguarding the welfare of the poor and vulnerable. The government intends to stimulate economic activity, create job opportunities, and attract investments. Simultaneously, social safety nets and targeted support programs will be implemented to protect the most vulnerable members of society, ensuring that the benefits of recovery are shared widely.
To conclude, Nana Otuo Siriboe II conveyed his sincere appreciation to the Finance Minister and his dedicated team for their relentless commitment and hard work in designing an impactful growth program and successfully obtaining support from the International Monetary Fund (IMF).
He encouraged the government to continue spreading the message of hope and progress throughout the nation.