2020 Ghana Economic Forum: The Economy Is Recovering Faster Than Expected-Finance Minister

The Minister For Finance, Ken Ofori-Atta The Minister For Finance, Ken Ofori-Atta

The Government, has said that the economy is recovering quickly after the shocks it suffered at the onset of the corona virus pandemic.

According to government, the mobilization of some Ghc18 billion, which was to cushion livelihoods and not jeopardize lives, has seen the performance index of the economy recovering faster that they thought.

The Minister For Finance, Ken Ofori-Atta, who disclosed this to Journalists after the opening of the 2020 Ghana Economic Forum in Accra, noted that a social intervention programme which was initiated after the covid-19 restriction and the lockdown helped to soften the effect of the pandemic.

Code named the Ghana Care Survive Programme, the Minister, said supports which were extended to vulnerable groups, such as low income earning Ghanaians and those in the informal sector, has helped to see a faster recovery of the economy.

"The economy was projected to grow at 9% from an initial 6.8% this year but since the covid-19 the growth was projected at 0.9% but that has shot up to 2%", he noted.

The two-day 2020 Ghana Economic Forum which started on Monday, November 9 and ended yesterday,was under the theme" resetting the economy beyond covid-19; building resilience and self-sufficiency",

The 2020 Ghana Economic Forum was the ninth edition, which has seen to the implementation of some decisions aimed at improving and shaping government policies and programmes.

According to the Finance Minister, however, inflation is being kept at bay and the efforts by the government at putting the economy back on track is yielding results faster than the government projected.

The opening of the Forum was characterized by plenary sessions where panelists shared their thoughts on aspects and ways of achieving a resilient economy.

One issue which came up however was how to secure the cyber space of institutions, because the pandemic compelled institutions to adopt to using the cyber space for transactions which exposed them to some risks.

The Group Chief Executive Officer of the Hollard Insurance, Mrs Patience Akyianu, hinted of her outfit's discussions with banks towards insuring their cyber space and electronic transactions.

These discussions, have become necessary in view of the cyber attacks of these financial institutions which seem to be on the increase.

Insuring the cyber space of these banks, she explained will help recover and reduce risks.

The Head of Research at the Bank of Ghana, Philip Otoo, who was at the forum indicated that the central bank is alarmed at the spate of the cyber attacks and is doing everything possible to reduce the risk .

He, however, gave the assurance that data from the central bank is showing that the economy is bouncing back due to the measures instituted by the government .

The asset of the banks he said, has moved from Ghc35bn to Ghc48bn after the restrictions were lifted.

In an address to welcome participants, the Managing Director of the Ghana Economic Forum, Dr. Godwin Acquaye, recounted the maiden edition of the Forum in 2012 and the prospects it had in shaping the economic drive of the country.

"Over the past eight years, the Ghana Economic Forum has evolved into an influential platform for businesses, government, the international donor community and civil society to come together to shape the economic agenda of the country" , he noted.

"These meetings are important points of connection for all our communities. It is your opportunity to take advantage of the platform we have built - not only to bring you together, but also to catalyse action from your ideas", he added.

Source: By Patrick Biddah/www.theheraldghana.com