President Akufo-Addo yesterday launched a 7-year Coordinated Programme of Economic and Social Development Policies, with job creation taking centre stage.
Going forward, government’s policy direction would be hinged on five pillars of growth and development, which are revitalization of the economy, transforming agriculture and industry, revamping of the economic and social infrastructure whiles strengthening social protection and inclusion and reforming delivery of public service institutions.
The president, therefore, reiterated his government’s commitment to creating a self-confident and prosperous nation through the creative exploitation of human and natural resources.
He said his administration would be operating within a democratic, open and fair society in which mutual trust and economic opportunities exist for all.
That, he said, was informed by the need to establish a strong economy that creates opportunities, inspires people to start businesses, stimulates expansion of existing businesses, and ultimately leads to the creation of jobs, increased economic growth and higher incomes.
Economic, Industrial & Social Policy
According to President Akufo-Addo, an important pivot of government’s economic policy is 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.
He was of the belief that that would create favourable conditions for reducing interest rates to spur private sector investments, expansion and enhanced productivity.
Additionally, the president stated that the industrial policy, under the outdoored policies, would provide direction to enhance the operational capacity of existing firms, and facilitate small business incubation as a way to promote the government’s ‘One District, One Factory’ initiative.
“The industrial policy is to be supported by targeted provision of infrastructure to eliminate critical bottlenecks in the areas of roads, rail, aviation, water, sanitation, energy and distribute infrastructure fairly and comprehensively across the country,” he indicated.
Government’s social policy regime, he claimed, is to invest in people by improving access and ensuring the provision of quality education, healthcare and affordable housing.
“An integrated social policy regime will address the demands of the growing population, urbanization and social infrastructure needs. Appropriate policies for social protection and inclusion will be sustained to address the needs of the vulnerable, including specific investments in rural, coastal, Zongo and inner city communities,” he said.