Vice-President Dr Mahamudu Bawumia says government has spent GHS21billion to clean up the financial sector.
Ninety- nine per cent of depositors of affected banks, micro-finance and savings and loans companies had been fully settled, according to the Vice-President.
The Vice-President spoke at the 12th Edition of the Nation Building Updates at the Cedi Conference Centre, Department of Economics, University of Ghana.
He explained that the government had decided to pay up to GHC50,000 to all customers of affected Fund Management Companies, while the liquidation processes continued.
Vice-President Bawumia informed that based on the valid claims, the partial bailout would result in 89 per cent of the affected individuals being fully settled.
He said the relatively strong performance of the economy, among other things, led to Ghana becoming the destination of choice for Foreign Direct Investments (FDI) in West Africa, according to the 2019 World Investment Report by UNCTAD.
The strong economy built by the Government had provided space and ability to provide the basic needs for people and also to withstand a crises like COVID-19.
“The shock of COVID-19 notwithstanding, the economy is bouncing back,” he said.
However, he added, in the next four years the government would build on the successes of their “One District, One Factory” and “Strategic Anchor Industries” policies to increase agro-processing.
He said government would enhance cocoa processing, add value to minerals and petro-chemicals, promote labour-intensive and light manufacturing activities.
“We will continue the development of the Aluminium, Iron and Steel industries along their entire value chains through GIADEC and GIISDEC, and leverage our Regional Hub status and as hosts for the Secretariat of the AfCFTA to expand our access to regional and continental markets,”.
The Vice-President said those things did not happen by accident. It came from their strategy to transform the structure of the economy to add-value to the country’s agricultural and natural resources as well as careful planning and execution.
According to the Vice-President, the Akufo-Addo led government is building the foundations for industrial development to ensure sustainable, long-term economic growth as well as create jobs.
GNA
