The Enhanced Domestic Programme (EDP) being forged through discussions by government with the International Monetary Fund (IMF) will reinforce initiatives under the COVID-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) and strengthen investor confidence in the Ghanaian economy, Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said.
EDP is a 3-year fast-tracked macroeconomic stabilisation programme that seeks to restore investor confidence and achieve fiscal and debt sustainability, and is intended to be largely driven by a mix of robust structural reforms and revenue, expenditure and finance policies.
The CEO of GIPC, while noting impacts of current global economic challenges on developing economies, said government is undertaking several initiatives to resuscitate the economy.
These, among others, include the GH₵100billion Ghana CARES ‘Obaatan pa’ programme. The programme aims at promoting recovery and accelerating post-COVID economic transformation led by the private sector.
“Various flagship initiatives, also largely covered under the CARES programme, have been implemented by government to boost private-public partnership, ensure ease of doing business for investors and indigenes, and ensure a conducive, resilient and vibrant economy,” he stated.
Mr. Grant was speaking at the 19th edition of the ‘Ghana Club 100 Awards’ in Accra, and also noted that a 10-point priority projects Agenda is being implemented through the Ministry of Trade and Industry (MOTI) to fundamentally change the structure of the country’s economy.
This seeks to strengthen the business climate, attract investments and create jobs. These, among others, include the provision of a stimulus package to economically viable but financially distressed companies; export Development Programmes; and the rollout of industrial parks
“The You Start Initiative, also being funded under the Ghana CARES, seeks to create one million jobs over three years by facilitating young Ghanaians’ access to capital, training and mentorship to launch or expand their businesses.
“Also crucial is the ongoing Infrastructure for Poverty Eradication Programme (IPEP), which seeks to enhance capital infrastructure provision at the district/constituency level as a means to accelerate growth, create jobs and reduce poverty – particularly in rural and deprived communities,” he added.
According to the GIPC boss, government has also instituted a series of policies to deepen the attraction and development of investments.
“One example is the Securities and Exchange Commission’s First Capital Markets Master Plan, which seeks to make the Ghana Stock Exchange a leading source of long-term financing for domestic businesses while also facilitating foreign companies’ investment in the country,” he said.
He also assured that government will continue to implement practical policies, so businesses can fully benefit from the African Continental Free Trade Area (AfCFTA) while also advancing the Ghana Beyond Aid Agenda.
The GIPC, he said, is complementing government’s efforts by instituting various measures and initiatives to provide the right support to the private sector.
“The Centre has stepped up efforts to use business continuity and problem-solving techniques to assist investors, while striving to be a more effective service provider through a variety of means.”
The organisation of several programmes by the Centre, he noted, provides a platform for stakeholders, sector regulators and government institutions to engage with the private sector on many issues which shape Ghana’s business and investment climate.
He reckoned that the private sector has been resilient and is the engine of Ghana’s post-pandemic recovery.
It is given this that he said Ghana Club 100 creates the right avenue to encourage the private sector and intensify efforts in building a more resilient economy.