Speaking at the 5th edition of the Ghana CEO Summit held in Accra, Monday, the Vice President, Dr Mahamudu Bawumia, has reassured Ghanaians on the ability of the Akufo-Addo-led administration to revive the economy from the adverse effect of the Covid-19 pandemic.
Dr Bawumia noted that the initiatives undertaken by government to remedy the Covid-19 crisis are equivalent and, in some cases, surpass those of advanced economies.
“Ghana has made a combination of social and economic interventions and policy choices on many fronts. What Ghana has done and continues to do square well with the way advanced economies are carrying out the fight against the pandemic, and even in some cases, we are doing even better,” he said.
He named the revision of interest rates, easing liquidity in the financial market, and reviewing state policies as some of the interventions adopted to recover the economy.
According to the Vice President, this would mitigate the effects of Covid-19 on key economic holders who were significantly affected in diverse ways, resulting in a “high level of uncertainty and a plunge in business confidence.”
“We continue to deploy an array of social and economic interventions – temporarily lowering the bar on fiscal prudence and continue to revise policy choices and interventions as needed.
“The Central Bank ably is doing its part, thus lowering interest rates, easing liquidity, mindful not to ignite inflation more than the economy can handle and what people expect,” he stated.
He also explained that the Ghana Cares Programme instituted by government that seeks to recover the economy in the shortest possible time will require efforts of institutions in the private sector.
Nonetheless, he emphasized that “we will continue with our comprehensive efforts to save lives, safeguard the educational system, minimize interruptions in the educational system, ensure micro small medium and large enterprises continue to thrive and continue to fuel the economy even as the pandemic persists.”
Watch his full speech in below video: