- July 25, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
The Finance Minister Ken Ofori-Atta has announced that the government is introducing a new domestic progarmme to support the Ghana Cares progarmme as part of the efforts to deal with the economic hardships Ghanaians are going through.
The GhanaCARES “Obaatanpa” programme provides a mechanism to consolidate private sector investment into productive sectors of the economy.
Presenting the mid year budget review in Parliament on Monday July 25, the Finance Minister recounted the challenges Ghanaians are going through due to the impact of the warfare between Russia and Ukraine as well as Covid.
“Towards 2022 Russia invaded Ukraine a situation that worsened the already weakened global supply chain exacerbated by high conditions..
“These have had a debilitating toll on the cost and standard of living of our people. Mr Speaker food prices are rising, fuel and transport fares are up , the cost of borrowing for businesses and for households has increased, the cedi has depreciated and the economic outlook has dipped significantly.”
He further admitted that these are difficult times for the government.
“The state of affairs is quite a painful one for me to report to you , to is hard to see our people lament about the prices of basic commodities , these are difficult times for government and indeed for the Finance Minister.”
The government will introduce an “enhance domestics programme to complement the Ghana cares.”