[ad_1]
President Akufo-Addo appealed to leaders and members of the Congress of Trade Unions and Unions to assist the government in the country’s economic recovery efforts after COVID-19.
Speaking at the 11th Quadrennial Congress of the Trade Union Congress on Tuesday March 23, 2021, President Akufo-Addo acknowledged that at the height of the pandemic, the government had instituted several measures and interventions to reduce the impact of COVID -19 on lives and livelihoods. .
“These measures have supported the economy, restored some lost jobs and income, while opening windows of new opportunities for others. The time has come for us to take the next set of measures necessary for the sustainable recovery of the economy, ”he said.
These sets of actions, he explained, were outlined in the 2021 budget statement and the government’s economic policy.
“The truth is, we are not in normal times, and I call on all Ghanaians, including unions, to help the government in this effort to help rebuild our public finances and our economy. We need to mobilize additional resources to face the new challenges we face while meeting other statutory requirements, ”said the President.
He continued, “So I urge all Ghanaian workers to support the government in these unusual and rather difficult times. I am convinced that sooner rather than later and together we can create the happy, progressive and prosperous nation we all want.
While appreciating the concerns expressed by some Ghanaians, in particular, regarding the imposition of new taxes, President Akufo-Addo recalled that “the wage increases for public sector workers have not been frozen for the four coming years”.
The president told the rally that, but at the onset of COVID-19, all macroeconomic indices, between 2017 and 2020, were all pointing in the right direction, evidenced by a reduction in the budget deficit, a stable currency, a reduction in the economy. cost of borrowing and annual GDP growth rate of 7%, with Ghana becoming the largest recipient of foreign direct investment in West Africa during the period.
“COVID-19 has resulted in a drastic slowdown in economic activity and a huge drop in domestic income, combined with a sharp and unexpected spike in COVID-related spending. In sum, this unprecedented crisis has led to a sudden drop in public revenues amounting to some thirteen billion, six hundred thousand cedis (GH ¢ 13.6 billion), and an unexpected and inevitable increase in expenditure of some eleven billion, seven hundred thousand cedis (GH ¢ 11.7 billion), he said.
The 2021 budget, the president explained, has set itself the goal of gradually reducing the budget deficit from 11.7% in 2020 to less than 5% by 2024, while developing the economy and creating jobs.
“To do this, additional sources of income are needed, and this is why the budget introduced four key revenue measures to improve sanitation and pollution, improve the health sector and cover the cost of cleaning up the financial sector ”. he added.
In addition to this, President Akufo-Addo told the rally that in order to revitalize and modernize the Ghanaian economy, and bring it back to high and sustained growth for the next three years, the government has developed and is implementing the hundred-billion-cedi (GH ¢ 100 billion) Ghana CARES “Obaatampa” program.
Key projects under the CARES program include supporting commercial agriculture and attracting educated youth to commercial agriculture; building the country’s light manufacturing sector; development of engineering industries / machine tools and ICT / digital economy; accelerated digitization; develop the housing and construction industry in Ghana; the establishment of Ghana as a regional center; reviewing and optimizing the implementation of flagship and key government programs; and creating jobs for young people and expanding opportunities for vulnerable people in society, including people with disabilities.
Addressing the issue of lump sum pension benefits for 2020 retirees, the president assured unions that SSNIT and the National Pensions Regulatory Authority (NPRA) are working with the Department of Employment and Labor Relations on the impending resolution of this issue, ensuring that the issue would have been concluded at the end of the year.
On the issue of the national unemployment insurance scheme which was announced last year, President Akufo-Addo noted that a committee, made up of members of the Social Partnership Council, has been set up by the Ministry of Finances to examine the creation of this Scheme, which will provide temporary income assistance to laid-off workers.
“The Ministry of Finance has already allocated some fifty million cedis (GH ¢ 50 million) to its operationalization once the discussions are over,” he added.
Source link
