President Akufo-Addo with the new Vice Chancellor and the Registrar
President Akufo-Addo has said the government is pursuing strong economic growth and enhanced domestic revenue mobilisation to help the economy rebound faster from the devastating effects of the COVID-19 pandemic.
Speaking at the investiture of a new Vice Chancellor of the SD Dombo University of Business and Integrated Development Studies, Wa, in the Upper West Region yesterday, the President stated that, despite the difficulties confronting the government, the economy is experiencing a positive but slow growth.
He said data from the Statistical Service puts the average growth rate of the economy for the first three quarters of 2021 at 5.2%, putting the country on course to exceed provisional growth outturn of 4.4% for 2021.
“Our growth performance compares very favourably with the IMF growth estimate of 3.7% for sub-Saharan Africa, and 3.6% for ECOWAS countries. We are still on course in our fiscal consolidation agenda. The Ghana Revenue Authority exceeded its 2021 tax revenue target, and we are confident we will achieve, if not surpass, the eighty-billion-cedi (GH¢80 billion) target for this year,” he said.
President Akufo-Addo continued, “this combination of strong growth and domestic revenue mobilisation will enable us to meet our fiscal deficit target for 2022, and reduce the debt-to-GDP ratio, thereby providing fiscal space to continue to implement programmes such as our flagship programmes like the Free SHS policy, the One-District-One-Factory initiative and the Planting for Food and Jobs Programme, the development of our infrastructure, particularly our roads, and create more jobs for our youth.”
Touching on the creation of jobs for Ghanaian youth, the President told the gathering that the 2022 budget has set aside GH¢10 billion, for the next three years, in support of young entrepreneurs to enable them create new businesses and expand existing ones.
“Under the YouStart programme, Government, through the Ghana Enterprises Agency (GEA), which proved its mettle in its efficient supervision of the seven hundred and fifty million (GH҃¢750 million) CAP Business Support Programme to micro, small and medium scale enterprises at the height of the pandemic, and the National Entrepreneurship and Innovation Plan (NEIP), will direct financial and technical support towards young entrepreneurs in the country to develop commercially viable businesses, and create jobs for the youth,” he said.
New VC, Registrar
Congratulating Professor Philip Duku Osei and Mr. Job Asante on their appointment as Vice Chancellor and Registrar, respectively, of the SD Dombo University of Business and Integrated Development Studies, President Akufo-Addo was confident that, in the two persons, “we have persons capable of laying a strong foundation for the rapid take-off of this university.”
He concluded by stressing that, “You have my support and the support of government in the pursuit of your progressive agenda for the university, which, Vice Chancellor, you have outlined in your acceptance speech. I wish both of you the very best of luck and God’s guidance in all your endeavours.”