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Govt to roll out economic rescue programme—Finance Minister
The government is developing a three-year COVID-19 alleviation programme to be known as “The Ghana Cares Programme” to help rescue the economy from the clutches of the coronavirus pandemic.
The impact of the coronavirus disease on the Ghanaian economy could last for three years, the government had predicted.
“To address this, the President has directed the Ministry of Finance to come up with stabilisation and a revitalisation plan for the country.
“In this regard, the Ministry of Finance is developing a three-year COVID-19 alleviation and revitalisation of enterprise support programme; ‘The Ghana Cares Programme’ to help stabilise and revitalise the country’s economy.
“We are confident that this programme will lead us on a journey of achieving a Ghana Beyond Aid,” Finance Minister, Ken Ofori-Atta told Parliament in Accra yesterday.
Mr Ofori-Atta made this known in an explanatory statement when he laid a report on the limit of borrowing by government under subsection (6) of Section 30 of the Bank of Ghana Act in the coronavirus emergency.
According to him, the Bank of Ghana had released GH¢5.5billion of a GH¢10 billion COVID-19 support fund in line with the emergency financing provisions under the Bank of Ghana Act, to deal with shocks that had accompanied the coronavirus pandemic.
The coupon rate, he said, was pegged at the prevailing monetary policy rate with a 10-year tenure and a two-year moratorium on both principal and interest payment.
Government, Finance Minister said remains unwavering in protecting lives and sustaining livelihoods and rebuilding the country’s agric and industrial sector so as to position the country on the path of growth.
“Mr Speaker, these are sobering times and a test of our own humanity and how to be our brothers’ keeper,” he preached.
Even as the country develops the ‘Ghana Cares Programme’, he said it was time burdens were shared for the common good of the country.
“Whatever stimulus package would help us claw back our five per cent GDP that we’ve lost, Mr Speaker, we intend to do it.
“It is a period of sacrifice; burden sharing and we have to avoid any spiritual stupor by ensuring that everyone is taken care of.
“In this vein, we would like to live on some of Gandhi’s principles – a period of three years of politics with principles, wealth that comes from work, commerce that is through morality, pleasure that is conscionable, education of character, science that has a human face and work that has sacrifice attached to it.
“We are confident that we will come out of this much stronger and much greater. So we remain more hopeful that our land will overflow with prosperity and we will leave no one behind as we build a greater society.”
The programme is a top-up to the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme to cushion small and medium scale enterprises against the vagaries of the coronavirus pandemic.
BY JULIUS YAO PETETSI
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Ghana to locally refine its gold starting October 2025 – Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has announced that plans are far advanced for the establishment of a state-owned gold refinery in the country.
Speaking at the 2025 Minerals and Mining Convention, Mr Gyamfi said the refinery will process locally mined gold into bullion instead of exporting it in its raw state.
According to him, it is unacceptable that Ghana, despite being a leading gold producer in Africa, continues to export raw gold known as dore.
He explained that the Gold Board, working with the Bank of Ghana and local refineries, will from October 2025 begin refining gold locally.
He also disclosed that an ultramodern assay laboratory will be built to ensure international standards in testing gold quality.
Mr Gyamfi noted that the refinery will be wholly state-owned and will help Ghana move away from raw mineral exports to value addition.
This, he said, will boost foreign exchange earnings, create jobs, and position Ghana as a hub for gold refining and jewellery production in Africa.
The CEO stressed that the project forms part of government’s strategy to ensure the country benefits fully from its natural resources and to transform the mining sector into a driver of economic growth.
By: Jacob Aggrey
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There is strength in diversity; let’s live in peace – Zanetor Rawlings urges Ghanaians
Member of Parliament for Korle Klottey, Dr. Zanetor Agyeman-Rawlings, has urged Ghanaians, especially the youth, to value the peace the country enjoys and to see diversity as a source of strength.
Speaking at the National Youth Conference held at the Pentecost Convention Centre under the theme “Igniting Potential; Inspiring Change”, she warned against being lured into conflicts and divisions fueled by reckless statements from politicians, traditional leaders, religious figures, or academics.
According to her, many young people have no idea what it means to live in a country torn apart by war, and therefore must not take Ghana’s peace for granted.
She stressed that the harmony among different ethnic and regional groups should be protected at all costs, since it is peace that allows citizens to gather freely and safely.
Dr. Zanetor said Ghana’s development depends on embracing diversity and working together.
She urged the youth to tap into this strength so that Ghana would continue to shine as the “Black Star” of Africa and serve as an example for other nations.
She expressed appreciation to the participants for attending the conference and asked for God’s blessings on the country.
By: Jacob Aggrey
