- July 25, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
The Finance Minister Ken Ofori-Atta has said the Nation Builder’s Corps (NABCO) will end on September 1, 2022.
He said this while presenting the mid-year budget review in Parliament on Monday July 25.
“Mr. Speaker, our iconic National Builder’s Corps (NaBCo) programme, which was initially to run for three years and extended for an additional year, will be completed by 1st September, 2022. The Programme- which engaged a 100,000 young graduates, has prepared thousands of them for the world of work. So far we have invested approximately GH¢2.2 billion,” he said.
“As they exit, the current cohort on the programme are encouraged to take advantage of the YouStart initiative and other existing programmes in our drive to Build an Entrepreneurial Nation.” he added.
Mr Ofpri-Atta futher stated that the Government’s policy is to support dynamic young entrepreneurs access training and funds to build their businesses and become a significant pool of job providers for their fellow young people.
“We, however, recognise that our post-COVID economic recovery has been uneven and risks remain high. According to the IMF, the global outlook is grim and has darkened significantly, and global uncertainty is exceptionally high, and 2023 is even more uncertain. However, in the 2022 Budget, we committed ourselves to chart a course towards growth and fiscal sustainability and this Mid-Year Fiscal Policy Review reasserts that commitment.
“Mr. Speaker, we have seen some major shifts in our budget assumptions compared to November, 2021, when we presented the Budget. These changes have led to reduced revenues, increased interest payments and changes in interest rates and exchange rates. However, we are committed to staying within the appropriation for 2022. In spite of the underperforming revenues and strong external headwinds,
we are not seeking additional funds in this Mid-Year Review. We are determined to efficiently use the windfall from the upstream Petroleum Sector to make-up for our revenue shortfall and aggressively improve our revenues even as we rationalise expenditures.
“Mr. Speaker, the Bank of Ghana increased the Monetary Policy Rate cumulatively by 450 basis points between March and May 2022 and reserve requirements to 12 percent to help address rising inflation and currency depreciation. This led to a significant increase in interest rates and financing costs and a drop in liquidity leading to roll-over pressures.
“Mr. Speaker, with this backdrop, I now proceed to give details of developments for the first half of the year 2022 and also provide updates on the outlook for this year.”