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Sun, Dec

Agenda for Jobs: RESILIENT ECONOMY MY VISION - President

Business & Economy

President Nana Addo Dankwa Akufo-Addo yesterday indicated that his vision for the country is to establish a strong, resilient economy that will not only create opportunities but inspire people to start businesses, and enhance existing ones as well.

President Nana Addo Dankwa Akufo-Addo yesterday indicated that his vision for the country is to establish a strong, resilient economy that will not only create opportunities but inspire people to start businesses, and enhance existing ones as well.

 

This, he stated, would ultimately lead to creation of jobs, increase economic growth and higher income.

The President said this when he launched government’s 7-year Co-ordinated Programme of Economic and Social Development Policies at the Accra International Conference Centre.

The launch was on the theme ‘An Agenda for Jobs: Creating Prosperity and Equal Opportunity for All.’

In fulfillment of Article 36 (5) of the constitution which mandates the President to present within two years after assuming office present to parliament a coordinated programme on the economy and social development policies, including agricultural and industrial programmeat all level, President Nana Akufo-Addo disclosed that it was the first time in the history of the fourth republic that this requirement had been met by a president in his first year in office.

“I am inviting all Ghanaians to buy into this vision and work to make it happen for it represents a clear route towards the progress and prosperity of our nation,” the president said.

He noted that the numerous challenges of poor macro-economic condition, unemployment among the youth, slow growth in the agric sector, pervasive corruption among public servant, among others, demanded a new direction and approach.

“The new direction is informed by own experience and convictions. The aspirations of Ghanaians were articulated during three successive elections campaigns – agenda for change as captured in the 2016 NPP manifesto and the desire to offer to all Ghanaian and stakeholders of Ghana, a new hope, a new vision and a new future,” he said.

President Akufo-Addo stated that the new direction entailed “elaborating conditions for the creative potential of the Ghanaian private sector to emerge, through invention, innovation, adoption and adaptation, especially in the industrial sector of the economy, thereby generating more quality jobs and higher incomes.”

He stressed that the policy direction was founded on five pillars of growth and development, namely: revitalizing the economy, transforming agriculture and industry, revamping economic and social infrastructure, strengthening social protection and inclusion; and reforming delivery of public service institutions.

On the economy, industry and social policy, President Akufo-Addo called for effective fiscal policy management, which includes maintaining fiscal discipline by narrowing the public spending-revenue gap, reducing Government borrowing, and creating the fiscal space to reduce the vulnerabilities of the economy to shocks.

Good fiscal management, he explained, would create favourable conditions for reducing interest rates to spur private sector investment, expansion and enhanced productivity.

Additionally, the President stated that the industrial policy, under the Co-ordinated Programme of Economic and Social Development Policies, would provide direction to enhance the operational capacity of existing firms, and to facilitate small business incubation as a way to promote the Government’s “One District, One Factory” initiative.

President Akufo-Addo announced that the Ministries, Departments and Agencies, as well as the Metropolitan, Municipal and District Assemblies, were to prepare their respective Medium-Term Development Strategies and Plans in response to, and for implementing, the policies under the Agenda.

“We will facilitate the private sector to develop its capacities and position itself to partner Government in implementing key initiatives identified under the Agenda. Civil Society Organisations have the significant role of disseminating information on the Agenda, facilitating direct interventions at the community level, and ensuring accountability in delivery,” he said.

The transformation of the Ghanaian economy, President Akufo-Addo noted, demanded the establishment of a world class labour force, adding that the Agenda proposes the development of a more and robust labour market data through operationalizing the Ghana Labour Market Information System, linking public service pay to productivity, making it more responsive to modern trends, introducing life-long skill training for workers, and improving the work environment.

“Government’s efforts will include improving the work environment, formalizing the informal sectors of the economy, resourcing and enhancing the workplace conditions of the Labour Department, Management Development and Productivity Institute, Fair Wages and Salaries Commission, the Public Services Commission, Office of the Head of Civil Service, and Local Government Service among others. Engagement with the Trade Unions would be intensified to facilitate productivity and harmonious industrial relations,” he said.

While acknowledging that Ghana had not paid due attention to research and development, which had hampered the development of innovation, he assured Government, under the Agenda for Jobs, would, as a matter of urgent policy, adequately resource the Council for Scientific and Industrial Research and its 13 affiliated institutes, as well as other national research institutes, to lead the introduction of broad-based innovation and productivity incentives in the national economy.

 

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