[ 2021-03-12 ]

2021 Budget: Ghana Employers' Association expects pragmatic initiatives
The Ghana Employers' Association (GEA) expects the
2021 Budget and Economic Policy Statement to bring
pragmatic initiatives that will ensure a rapid
recovery from the economic, health and social
disruptions occasioned by COVID-19 pandemic.

Mr Dan Acheampong, President, GEA, in a statement
copied to the Ghana News Agency, said the
Association expected the 2021 Budget Statement to
paint a better picture of a conducive business
environment for the year.

The statement, which contained the GEA's input
into the 2021 Budget and Economic Policy Statement
of the Government, said the Association sought to
promote the interest of employers and the private
sector in general.

It recommended Rapid Economic Recovery Strategies;
stating that the outbreak of the COVID-19 pandemic
in Ghana, since March 15, 2020, had created many
uncertainties, financial challenges, and short
falls in aggregate demand for businesses and
employers in the country.

The statement said the pandemic derailed the
economy to a path of significant decline, which
necessitated the revision of projected 2020
Overall GDP Growth from 6.8 per cent to 1.9
percent.

It said consequently, many enterprises had limited
their operations with more workers facing the
prospect of unemployment.

The statement said given the rippling effects of
the shrinkage of the economy in the 2020 fiscal
year, there was the need for a comprehensive
strategy that would consider the rapid recovery of
the economy in the short to medium terms without
neglecting the social fabric of the citizenry.

It commended Government's resolve to support
enterprises and the economy to recover through the
GH?100 billion Ghana COVID-19 Alleviation and
Revitalization of Enterprises Support (Ghana
CARES) programme.

"What is currently important is expediting action
in the implementation of the programme in a highly
targeted fashion to assure optimum value for
money," it said.

"Putting in place the necessary administrative
arrangements to enable the targeted businesses and
relevant sectors access funds outlined in the
programme timeously will be crucial."

Concerning Macroeconomic Stability, the statement
said going forward in 2021 and beyond,
macroeconomic stability would be essential in
driving the sustainability and recovery of
businesses.

It said the growth of the private sector
significantly depended on the macroeconomic
policies of the Government.

The statement said sound macroeconomic management
and economic stability did not only result in the
growth and development of businesses but also the
welfare and standard of living of the people.

"Generally, we expect the 2021 Budget Statement to
paint a better picture of a conducive business
environment for the year under discussion,” it
added.

It said businesses did not expect the introduction
of new taxes as experienced in the past fiscal
years; adding that there was the need to embark on
more fiscal consolidation and expansionary
monetary policy measures in 2021 for a stable and
growing economy in all quarters of the year.

“We also expect stability in the exchange rate
to prevent exchange rate losses in the books of
enterprises.”

Source - GNA

... go Back