Gov’t announces three year support programme for COVID-19

Finance Minister Ken Ofori-Atta has announced a new initiative to bolster the economy called the COVID-19 Alleviation and Revitalization of Enterprise Support Programme.

According to the Finance Minister the programme will ensure the sustained growth of the economy.

“The Ministry of Finance is developing a three-year COVID-19 alleviation and revitalization of enterprise support programme –the Ghana Cares programme–to help revitalize the economy.”

“We are confident that this programme will help us stabilize and revitalize the economy,” said Mr. Ofori-Atta.

Addressing parliament on Thursday, May 28, 2020, the Minister said it will take about three years for the Ghanaian economy to fully recover from the impact of COVID-19.

Meanwhile, the Bank of Ghana (BoG) has advanced GHS5.5 billion to the government this month to meet its financial obligations.

“Given the exceptional circumstances and the challenges, the Minister of Finance, the Governor of the Bank of Ghana and the Controller and Accountant General, as required under Section 30 of the Bank of Ghana (Act 612) as amended, have agreed to trigger the emergency financing provision under the law which permits increasing the limit on the purchase of Government securities by Bank of Ghana in the event of any emergency to help finance the residual expenditures,” the Minister said.


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