Akufo-Adoo has held Ghana's Economy Strong Under COVID-19 Pandemic Akatsi South MCE Declares

The Municipal Chief Executive (MCE) for Akatsi South Municipal Assembly in the Volta Region, Mr Leo-Nelson Adzidogah has lauded President Nana Addo Dankwa Addo-Addo for making strenuous efforts to hold the economy of Ghana strong under the wake of the world novel Coronavirus (COVID-19) pandemic situation.

According to the MCE, President Akufo-Addo needs to be recommended because Ghana’s economy is not left out in the wake of this deadly virus. 

Before the pandemic, he pointed out that Ghana was on the wheel running very fast to the destination of progress and prosperity. He mentioned that the country was on the path of unprecedented progress and prosperity when the COVID-19 came blowing away every economic programme aimed at sustaining the gains so far made. 

He indicated that the COVID-19 pandemic rocked all the efforts of the government at attaining the level of economic prosperity and progress for the people thus causing serious damage to the gains so far made as a country. 

Mr Adzidogah said that the devastating effects of the virus spread across all sectors of the economy; agriculture, trade and industry, education, transport and many other businesses causing low productivity thus reducing the expected economic returns.

Most strategies put in place by the government to run the economy have been disrupted hence compelling the government to come up with creative and new strategies to hold the economy firm on its direction so as to survive as a country. 

In view of this, Mr Adzidogah asserted that the government introduced some social welfare intervention programmes such as feeding, free water, free electricity, COVID loans and many other packages to reduce the adverse impact of the virus on our lives. 

These social welfare programmes, he stated that cannot be sustained as the revenue base of the country came under attack by COVID-19. Business and commercial activities of the country almost came to a standstill. 

He pointed out that "No movement across countries and borders for purposes of transacting business. Jobs and incomes losses were occasioned by the advent of COVID-19 which had undesirable consequences on our revenue mobilization."

Below is the full article of Leo-Nelson Adzidogah

EFFORTS BY PRESIDENT NANA AKUFO ADDO TO HOLD THE ECONOMY TOGETHER UNDER THE COVID-19 PANDEMIC SITUATION

Written by Hon. MCE, Akatsi South, Leo-Nelson Adzidogah
The COVID-19 pandemic has come with the severest devastating consequences for many economies around the globe.

 The wheels of many economies cannot turn around smoothly. Ghana’s economy is not left out. Before the pandemic, Ghana was on the wheel running very fast to the destination of progress and prosperity. Ghana was indeed on the right path for accelerated development and creation of opportunities and maximum welfare for the people to enjoy a meaningful life. 
The country was on the path of unprecedented progress and prosperity when the COVID-19 came blowing away every economic programme aimed at sustaining the gains so far made. The COVID-19 pandemic rocked all the efforts of the government at attaining the level of economic prosperity and progress for the people thus causing serious damage to the gains so far made as a country. 

The devastating effects of the virus spread across all sectors of the economy; agriculture, trade and industry, education, transport and many other businesses causing low productivity thus reducing the expected economic returns.

Most strategies put in place by the government to run the economy have been disrupted hence compelling the government to come up with creative and new strategies to hold the economy firm on its direction so as to survive as a country. 

In view of this, the government introduced some social welfare intervention programmes such as feeding, free water, free electricity, COVID loans and many other packages to reduce the adverse impact of the virus on our lives. 

These social welfare programmes cannot be sustained as the revenue base of the country came under attack by COVID-19.

 Business and commercial activities of the country almost came to a standstill. No movement across countries and borders for purposes of transacting business. 

Jobs and incomes losses were occasioned by the advent of COVID-19 which had undesirable consequences on our revenue mobilization.

The low revenue performance in the midst of rising expenditure posed a serious challenge to the government in terms of delivery of the social welfare packages initiated to address the needs of the people in order to survive.   

The COVID-19 pandemic is not going away any time soon as the third wave (Delta virus) has just been announced with its devastating impact on our lives. The country, however, needs to survive. 

For us to survive, the government must find a sustainable way to promote the development of the country. This calls for a pragmatic economic recovery programme to manage the COVID-19 menace.  

The fact is that if no pragmatic effort is made to keep the country going and on its feet, there cannot be any survival for us as a country. 

The government has no option but to come out with plans to resuscitate and keep the economy buoyant to respond to challenges posed by the pandemic.
Determined as the government is, President Nana Akufo Addo has secured 170 million Euros facility from European Investment Bank (EIB) for the establishment of a new bank, Development Bank, Ghana. 

The Development Bank of Ghana is an essential component of the Ghc100bn Ghana Cares “Obaantampa” Project which is set to revive the economy. 

This bank is to play a pivotal role in the economic transformation agenda of the country. It is believed that the operations of this bank will help restructure the economy and put it up for more investment opportunities. Long term investments and loan facilities will be granted under this scheme for the socio-economic revival of the country.

Investments in the critical sectors of the economy will generate growth. The private sector must be the focus especially agri-business, manufacturing and ICT. 

The Minister for Finance has already indicated the presence of Amazon here in Ghana to run high tech and ICT businesses on a large scale. An amount of $200m is also announced for job creation based on business partnerships.

To support the recovery programme, the Ministry of Finance has signed a compact agreement with the Ministry of Agriculture for the Post Covid-19 transformation. 

The Ministry of Agriculture will receive an amount of Ghc126m to pursue various interventions for agriculture sector transformation. This is intended to put agriculture as a forerunner in the overall economic transformation of Ghana. 

With regard to the tourism sector, the government is in the process of injecting Ghc55m into the sector to boost its fortunes. This sector which contributes significantly to the economic fortunes of the country is worst hit by the pandemic.

 This amount will revamp the sector and consequently contributes positively to the post-pandemic recovery efforts to bring the economic life of the country back and put smiles on the faces of the people.

With many other creative plans and programmes, President Nana Akufo Addo led the New Patriotic Party government is delivering opportunities for progress and prosperity for all Ghanaians. 

The President needs the support of all Ghanaians to continue to deliver more welfare programmes for our continued survival.

Freeman Koryekpor Awlesu