Government has launched the Co-ordinated Programme of Economic and Social Development Policies (2017-2024) that encapsulate sPresident Nana Addo Dankwa Akufo-Addo’s vision for the accelerated development of the country.


The new economic and social policy regime, is intended to create an optimistic, self-confident and prosperous nation, through the creative exploitation of the country’s human and natural resources, operating within a democratic, open and fair society, in which mutual trust and economic opportunities exist for all.


Article 36 (5)of the 1992 Constitution of Ghana, enjoins the President to present to Parliament, within 2 years after he had been sworn in as President of the Republic, a Co-ordinated Economic and Social Development Policies that would guide him in the management of the country.


The Policy Document which has as its theme: Agenda for Jobs – creating prosperity and equal opportunities for all, makes President Akufo-Addo, the first in Ghana's History, to have satisfied the constitutional requirement of Article 36 (5) and in record time.


In an address to launch the Policy Document in Accra on Wednesday, President Akufo-Addo indicated that the Key policy implementers of Government’s economic and social policies and programme, should be a strong private sector that needed to strategically position itself to create jobs, wealth and prosperity for all.


The President said the social and economic policy implementation, would be predicated by the technological drive, as it implemented the agenda to creating prosperity for the country's teaming youth.


He said his vision, contained in the policy document, was informed by the need to establish a strong economy that created opportunities, inspired people to start businesses, stimulated the expansion of existing businesses and, invariably, led to the creation of jobs, increased economic growth and higher incomes.


As government implemented the policy directives, President Akufo-Addo said it was imperative that Ghanaians had a broader choice in their consumption patterns and saving decisions.


This, he said, would, invariably, enable government to enhance its capacity to provide basic public goods and services that the citizens desired; enhance access to social services, such as education, training and skills development and healthcare; and direct investment in infrastructure, such as transportation, power, affordable housing and water.


President Akufo-Addo intimated that government’s 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 systems of public service institutions.


Economic, Industrial & Social policy

He identified an effective fiscal policy regime that included maintaining fiscal discipline— narrowing the public spending-revenue gap, reducing government borrowing and creating the fiscal space that ensured that the economy was not unnecessarily susceptible to external shocks—as an important pivot of Government’s economic policy.


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


Additionally, on the industrial policy, under the Co-ordinated Economic and Social Programme, President Akufo-Addo re-iterated government’s commitment to providing policy direction to enhance the operational capacity of existing firms and facilitating small business incubation as a way of promoting 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, and energy, and distribute infrastructure fairly and comprehensively across the country,” he added.


Government’s social policy regime, President Akufo-Addo explained, would 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 while 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.


Technical Drive

The President said Ministries, Departments and Agencies (MDAs), as well as the Metropolitan, Municipal and District Assemblies, were expected to prepare their respective Medium-Term Development Strategies and Plans in response to, and for implementing, the policies under the Agenda. 


He said government would facilitate the capacity development of the private sector to position itself to partner government in implementing key initiatives identified under the Agenda while Civil Society Organizations (CSOs) would be disseminating information on the Agenda, facilitating direct interventions at the community level and ensuring accountability in delivery.


Drivers of Agenda for Jobs

President Akufo-Addo said the transformation of the Ghanaian economy demanded the establishment of a world class labour force and the development of a more robust labour market data through operationalizing the Ghana Labour Market Information System (GLMIS), that linked public service pay to productivity.


This, he said, would make it more responsive to modern trends, introduce life-long skill training for workers and improve the work environment.


Recognizing the deficiency in research development, the President said, government, under the Agenda for Jobs, would, as a matter of urgent policy, adequately resource the Council for Scientific and Industrial Research (CSIR) 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.


This, the President said, would strengthen further the link between research and industry, particularly the industrial associations and institutions of research and learning.


President Akufo-Addo, therefore, called on public servants, private sector operators, organized labour, actors in the informal sector, members of the media, institutions for research and learning, civil society actors, religious figures, traditional authorities and friends of Ghana to join hands in ensuring that this national clarion call resonated.


This, he said, was crucial in order to usher in a new era to create jobs for the people, set-off on a new epoch of ‘Ghana beyond aid’, and to generate prosperity and equal opportunity for all.


The Minister of Planning, Professor Gyan Baffour, whose outfit is responsible for crafting the Policy Document, said the document was to guide, co-ordinate and implement the coordinated economic programs by Government in a coherent and systematic manner.


Source: ISD (Rex Mainoo Yeboah)

Created: 13 April 2018
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