President Nana Addo Dankwa Akufo-Addo on Thursday said the Government’s pursuit of strong economic growth and enhanced domestic revenue mobilisation, will help the country’s economy rebound faster from the ravages of the COVID-19 pandemic.
Speaking at the investiture of a new Vice Chancellor (Professor Philip Duku Osei) of the SD Dombo University of Business and Integrated Development Studies, in Wa President Akufo-Addo said that, despite the difficulties that faced the economy, it experienced a positive but slow growth in 2021.
According to the President, data from the Statistical Service puts the average growth rate of the economy for the first three quarters of 2021 at 5.2%, which puts the country on course to exceed its provisional growth outturn of 4.4% for 2021.
“Our growth performance compares very favourably with the IMF growth estimate of 3.7% for sub-Saharan Africa, and 3.6% for ECOWAS countries. We are still on course in our fiscal consolidation agenda. The Ghana Revenue Authority exceeded its 2021 tax revenue target, and we are confident we will achieve, if not surpass, the GH¢80 billion target for this year,” he said.
The combination of strong growth and domestic revenue mobilisation, President Akufo-Addo indicated, would enable the launch Government meet its fiscal deficit target for 2022, and reduce the debt-to-GDP ratio.
That, the President explained would provide the Government fiscal space to continue to implement programmes such as the Free SHS policy, the One-District-One-Factory initiative, the Planting for Food and Jobs, the development of infrastructure, particularly our roads, and create more jobs for the youth.
Speaking on job creation, President Akufo-Addo said GH¢10 billion had be earmarked in the 2022 budget to support young entrepreneurs to create new businesses and expand existing ones in the next three years.
Under the YouStart programme, the Ghana Enterprises Agency (GEA), and the National Entrepreneurship and Innovation Plan (NEIP), will direct financial and technical support towards young entrepreneurs in the country to develop commercially viable businesses, and create jobs for the youth.
The YouStart Programme, according to the President, will be a vehicle for supporting young entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them launch and start their own businesses, and employ other young people.
President Akufo-Addo said when successfully implemented, the YouStart programme will make a significant dent in youth unemployment, and enhance considerably social stability and progress. This University should be at the forefront of critically examining this initiative, and making proposals to enhance its implementation.
New VC, Registrar
Congratulating Professor Philip Duku Osei and Mr Job Asante on their appointment as Vice Chancellor and Registrar, respectively, of the of the University of Business and Integrated Development Studies, President Akufo-Addo was confident that, the two persons would lay a strong foundation for the rapid take-off of this University.
“The Vice Chancellor’s induction into office today is a mark of the trust that the first-ever Governing Council of the University has reposed in him… His wealth of experience, with decades of service, makes him an appropriate person for this all-important assignment.”
President Akufo-Addo assured the University of Government’s support and expected that that the University will produce graduates, who would be moulded to take on the opportunities and possibilities for higher achievement, through creativity, entrepreneurship and innovation, and help generate prosperity for the masses.
“You have my support and the support of Government in the pursuit of your progressive agenda for the University , which, Vice Chancellor, you have outlined in your acceptance speech, the President assured.
“I wish both of you the very best of luck and God’s guidance in all your endeavours.”