Vice President Dr Mahamudu Bawumia has reaffirmed the ability of the Akufo-Addo-led administration to revive the economy from the devastating effect of the COVID-19 pandemic.
COVID-19 has ravaged economies of even the most advanced countries with developing nations including Ghana being the most hit by the pandemic.
However, Vice President Bawumia indicated 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 pointed.
Vice President Bawumia stated these at the 5th edition of the Ghana CEO Summit held in Accra on Monday.
He enumerated 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 him, 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.
He however emphasised 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.”