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Message from the Minister for Financebanking sector clean-up was yielding positiveresults. Our destiny was truly in our hands again.However, the outbreak of the COVID-19 pandemicearly this year brought all growth prospects to ascreeching halt. The pandemic is a crisis like noother. It has taken lives and significantly disruptedlivelihoods in every corner of the globe. The stakesremain high as most African countries face animminent economic contraction, potentially losingup to 15% of GDP and Ghana is no exception.Government’s response to the pandemic wasimmediate and decisive to save lives and livelihoods.Ken Ofori-AttaMinister for FinanceIt is with much joy and honour that I welcome youall to the launch of the GhanaCARES “Obaatanpa”Programme. I believe today’s launch marks a seminalmoment in our country’s economic development.Aside the audacity of the quantum of funds to beinvested, the timing of the programme during theCOVID-19 pandemic is evidence of our “can dospirit” under the visionary, courageous and decisiveleadership of H.E. the President.The GH 100 billion Ghana CARES “Obaatanpa”Programme is a three-and-a-half-yearcomprehensive programme to mitigate the impactof the COVID-19 pandemic, return the country toa sustained path of robust growth and to create astronger, more resilient and transformed economy.Since 2017, under the leadership of H.E. NanaAkufo-Addo, we have charted a new way forwardfor our country. A Ghana Beyond Aid that hasrenewed the hope for Ghana’s transformation intoan optimistic, self-confident and prosperous nationwhere opportunities exist for all. Indeed 2020 beganon an incredible note. The global markets had giventheir resounding endorsement to our 2020 US 3billion Eurobond issuance with an oversubscriptionof over 300%. Our deficit was below 5% and thexiiiFueled by visionary foresight and the need to craft amore transformative and sustainable response, H.E.the President charged the Ministry of Finance in Aprilthis year to craft a new programme to revitalize oureconomy and accelerate our transformation towardsa Ghana Beyond Aid. A response that allows us todo things differently and to respond effectively tothe needs of our people through this pandemic andbeyond. After extensive stakeholder consultations,we have designed the GhanaCARES “Obaatanpa”Programme which will serve as the blueprint for ourpost Covid-19 economic recovery and structuraleconomic transformation.Our emphasis is to build stronger institutions todeliver efficient services, provide the necessaryinfrastructure to support business and improveaccess to long term finance, build skills to deepen thequality and impact of services and maintain financialsustainability. Now more than ever, we will expandour financial partnerships, investment partnershipsand knowledge centers of excellence. We will buildon the great successes we have had in agriculture, byscaling up technologies to reach millions of farmers.We will add value to what we produce, and providecreative and high-tech opportunities for massiveyouth engagement in agriculture and agribusiness.Our priority is for workers and businesses to usetheir skills innovatively in a commercial environmentthat is regionally integrated.Ministry of Finance: Professional, Ethical, Efficient, Responsive – Transforming Ghana Beyond Aid

Message from the Minister for FinanceThe work will be monumental and we are not naïveof the effort required. However, like Nehemiah, wecontinue to remain resolute in the face of scepticswho are baffled by the sheer audacity of theprogramme. The amount of financing GH 100 billion(GH 30 billion from the State and GH 70 billion fromthe private sector) and the timing of implementationduring a pandemic continue to amaze them.However, we know our Lord will give us success asHe did in the times of Nehemiah and has done for ussince we came into Government in 2017.To fully implement this programme, we will alsoneed the solidarity as well as support of our privatesector partners (international and domestic). Wehave already signaled that 70% of the financing willbe sought from the private sector.We must, as a nation, mobilise our heads, handsand hearts to respond to the call to participate inthis shared burden. We cannot continue with theslow pace of development, urgent transformationis required to provide opportunities for our teemingyouth who remain the hope for our future.I have often spoken of the need for a tectonic shiftin the global financial architecture. It is going totake strong and courageous leadership as well ascompassion to redesign a new Bretton Woods. Anew ecosystem that enables cheaper access toglobal capital for Emerging Markets and DevelopingCountries. A fair and equal chance for all. Africansxivcan and must contribute to the global economy in asignificant and meaningful way without the drudgeryof high risk premium and illicit financial flows. TheGhanaCARES “Obaatanpa” programme provides amechanism to consolidate private sector investmentinto productive sectors of the economy to create adynamic regional economy for Ghana.A new era of profound urgency for Nation buildingis unfolding. The blessing to shape the destiny of acountry is given to very few people in a generation.We must therefore seize the opportunity. Obaatanpamoves us from thought to action and its audacityjettisons a period of poverty of aspiration in recenttimes.So we look forward to a national enterprise cultureof economic mutuality; an open economy withflexibility of labour, capital and product markets. Aneconomy characterised by efficiency, social justice,social mobility and property for all; the preferredinternal market place on a beautiful continent. Wemust therefore fully implement this transformativeprogramme, to restore and reposition Ghana and itspeople to our rightful place.I am reminded of the exhortation in Nehemiah 2:1718 “So they said, “Let us rise up and build. Thenthey set their hands to this good work.” I believein this good work we have embarked on and prayfervently to God for His strength and His wisdom tohelp us on this journey.Ministry of Finance: Professional, Ethical, Efficient, Responsive – Transforming Ghana Beyond Aid

Executive SummaryBackgroundThe COVID-19 pandemic continues to claim lives,wreak havoc to economies and disrupt livelihoodsaround the world. Here, in Ghana, we have not beenspared. To date (11th November, 2020), 50,123people have tested positive for the virus, 48,328have recovered, 1,473 are active cases, and 322have tragically lost their lives.But along with these challenges, COVID-19 hasalso revealed opportunities that we can seize tomove forward as a nation. This document sets outGovernment’s approach to mitigating the healthand economic challenges created by COVID. It alsopresents concrete steps we will take over the mediumterm to revitalize our economy and accelerate ournational transformation toward Ghana Beyond Aid.The pandemic has extensive economic impacts.GDP growth is sharply down. Instead of the 6.8percent originally projected, we are now lookingat 1.9 percent GDP growth for 2020. Across theprivate sector, informal businesses, micro, smalland medium enterprises (MSMEs), as well aslarge businesses are all under strain – especiallyin the hospitality, education, manufacturing andagricultural sectors. For the public sector, theGovernment’s public finances are also understrain, with a projected deficit of 11.4 percent for2020, compared with 4.7 percent of GDP originallyprogrammed.and businesses; GH 54 million for distribution of hotmeals and food packages; GH 323 million as relief(e.g. PPEs, tax waiver, allowances, transportationand COVID insurance) for frontline health workers;GH 600 million for Micro, Small and Medium-SizedEnterprises (MSMEs) via the Coronavirus AlleviationProgramme - Business Support Scheme (CAPBuSS), which is expected to be supplementedby up to GH 400 million in bank lending; andthe announcement to build 101 new hospitals indistricts that lack such facilities, 7 regional hospitalsfor the newly created regions, rehabilitation of theEffia-Nkwanta Regional Hospital, and 2 psychiatrichospitals (Agenda 111). In addition, 3 infectiousdiseases centres will be constructed in each of the3 ecological zones of the country.In May 2020, the President challenged Ministers totake a hard look at their programmes in light of theCOVID-19 pandemic. He noted that: COVID-19 hadgiven us an opportunity to recreate our country; anopportunity to do something meaningful; this is achallenge we must seize. He charged the Ministerfor Finance to lead the preparation of a Governmenteconomic stabilization and recovery programme tomitigate the impact of the pandemic on the livesand livelihoods of Ghanaians and to ensure that wequickly emerge from the pandemic with a strongerand more resilient economy.Immediate GovernmentResponse to COVID-19.In April 2020, at the onset of the pandemic, theGovernment announced a package of economicstimulus measures called the Coronavirus AlleviationProgramme (CAP). Key initiatives under the CAPinclude: GH 579.5 million for COVID-19 EmergencyPreparedness and Response Plan (EPRP); GH 200million relief for provision of water and sanitation forhouseholds for three months; GH 1,028 million asthree-month subsidy for electricity use in householdsxvMinistry of Finance: Professional, Ethical, Efficient, Responsive – Transforming Ghana Beyond Aid

Executive SummarySubsequently, the Ministry of Finance held extensiveconsultations with stakeholders including: anInter-Ministerial Group headed by Ministers andsupported by a Technical Group comprising seniorofficials; a COVID Economic Recovery Committeewith representatives from among others, the Bankof Ghana, the Trades Union Congress, the GhanaEmployers Association, the Association of GhanaIndustries, the Ghana Chamber of Commerce, privateentrepreneurs, scholars and leading professionals,the Ghana Bankers Association, Ghanaianprofessionals in the Diaspora, and the West AfricanPrivate Sector Coronavirus Platform (including thePrivate Enterprise Foundation, the Ghana HealthcareFoundation, the Noguchi Memorial Institute forMedical Research, the Ghana-American Chamberof Commerce, and the Ghana-European BusinessOrganization). The result of these consultations isthe Ghana COVID-19 Alleviation and Revitalizationof Enterprises Support (Ghana CARES) ObaatanpaProgramme.the cost of basic services; ensuring food security;protecting businesses and workers; and furtherstrengthening the health system. Specific measuresto be undertaken by Government are describedbelow:A. Temporary Reduction in the Costof Basic Servicesi.Extend provision of free water for additional 3months;ii.Extend free electricity for customers on thelifeline tariff for additional 6 months; andiii.Reduce the Communications Service Tax(CST) from 9% to 5% to reduce the cost ofcommunication services to the consumer as alot more people work remotely and utilize onlineservices.B. Ensure Food SecurityHighlights of Ghana CARESObaatanpa Programmei.Ghana CARES is a two-phase programme thatbuilds on the immediate actions already taken byGovernment under the Coronavirus AlleviationProgramme (CAP).Expand support from 1.2 million to 1.5 millionfarmers (fertilizer, seeds, extension servicesetc.) under the Planting for Food and JobsProgramme (PFJ);ii.Support farmers through the Rearing for Foodand Jobs Programme (RFJ);iii.Arrange financing facilities for rice millers andpoultry farmers;iv.Provide financial support for the NationalFood Buffer Stock Company and the GhanaCommodity Exchange to increase food stocklevels; andv.Establish a National Food Security Committee.Phase 1:Stabilize the Economy (July –December 2020).This phase of the programme is aimed at continuingto relieve hardships on Ghanaians by reducingxviMinistry of Finance: Professional, Ethical, Efficient, Responsive – Transforming Ghana Beyond Aid

Executive SummaryC. Support Businesses andWorkersi.Ease the liquidity challenges of businesses:Government will clear outstanding paymentswith businesses and ensure prompt payment ofcurrent obligations.ii.Increase local content in Governmentprocurement: Government will build onrecent procurement programmes for thepharmaceuticals as well as textile & garmentsectors to increase local content in itsprocurement of goods and services as muchas practicable (e.g. for PPEs, pharmaceuticals,garments, uniforms for security services etc.).iii.iv.v.vi.Increase the allocation for the CAP-BuSSProgramme to expand the support being givento MSMEs, and also to support the creative artsindustry, media, and private universities.Establish a Guarantee Fund of GH 2 billionto assist large businesses to borrow at lowerinterest rates and at longer tenor in orderto adjust to the challenges of COVID andto sustain employment. This fund will alsoenable businesses to take advantage ofopportunities created by COVID-19 (e.g. inthe pharmaceuticals, textiles and garmentssectors).Ensure availability of credit from the domesticbanking sector: Bank of Ghana has introducedmeasures to create lending headroom forthe banks, such as reducing primary reserverequirements, reducing capital conservationbuffers, and relaxing prudential guidelines.As a result, domestic banks have providedabout GH 7 billion of support to borrowers(between March and June 2020), through loanrestructurings, moratorium on repayments,interest rate reductions, and granting of newfacilities.Establish a Seed-Fund for a RetrainingProgramme to help workers who are laid offto either upgrade their skills or acquire newskills to improve their chances of finding newemployment.vii. Establish a National Unemployment InsuranceScheme for workers in consultation withTrade Unions Congress and Ghana EmployersAssociation and the Social Security andxviiNational Investment Trust (SSNIT). This willprovide temporary income support and retraining opportunities for laid-off workers whilethey search for other employment. Work on thedesign of the scheme and necessary legislationwill be done in 2020 to facilitate Its in 2021.D. Strengthen the health systemi.LaunchEmergencyResponse Plan I.Preparednessandii.Emergency Preparedness and Response PlanII to build on the work done under EmergencyPreparedness and Response Plan I.iii.Commence Agenda 111 to construct 101new 100-bed district hospitals, 7 new regionalhospitals, rehabilitation of Effia-Nkwantaregional hospital (Takoradi) and 2 newPsychiatric

vi Ministry of Finance Professional, Ethical, Efficient, Responsive - Transforming Ghana Beyond Aid Abbreviations and Acronyms ERC COVID-19 Economic Recovery Committee ESRP Energy Sector Recovery Programme FBOs Faith-Based Organizations FDA Food and Drugs Authority FDI Foreign Direct Investment FHs Finance Houses FINTECH Financial Technology GACC GBA Ghana American Chamber of Commerce