A two-day stakeholders’ workshop on developing an Economic Recovery and Resilience Plan (ERRP) for the city of Accra has commenced.
The purpose of the workshop is to present the results of the diagnostic study on the impact of COVID-19 on the economy and financial sector of Accra; deliberate on policy interventions and implementation pathways with the city authorities and relevant stakeholders, and inform the preparation of the local ERRP.
The workshop being organised by the Accra Metropolitan Assembly (AMA) in collaboration with the United Nations Economic Commission for Africa (UNECA) is expected to provide an update on the DA 13 project’s outputs and knowledge products, review and gather inputs for the preparation of the ERRP, define the specific contributions of the ERRP to the city’s medium-term plan, 2022-2025 and agree on the timeline of the activities and deliverables leading up to the formulation of the ERRP.
Hon. Ken Ofori-Attah, Minister of Finance in a keynote address read on his behalf said as part of efforts to accelerate the pace of economic activity, productivity and consolidate the resilience of Accra's financial sector and economy, the Ghana CARES Programme's initiative of establishing Ghana as an International Financial Services Centre (IFSC) as well as the establishment of the Development Bank, Ghana presents a great opportunity to sustain the resilience of Accra.
He pointed out that through Ghana CARES' initiative, Government aims to improve the business environment and provide great support to SMEs in Accra and scale it up to the rest of the country through the US$200 million Ghana Economic Transformation Project as well as joint programmes with other development partners," he said.
"Government is also establishing a National Unemployment Insurance Scheme to provide social protection in the form of temporary income support to workers who have lost their jobs and facilitate their access to retraining and skill upgrading programmes," he said.
Metropolitan Chief Executive of Accra, Mohammed Adjei Sowah announced that as part of Project DA13, the AMA in collaboration with the United Nations Economic Commission for Africa (UNECA) would soon publish the Gross Domestic Product (GDP) for Accra, adding that this would be a historic achievement in Ghana.
He explained that Project DA13 was conceived by the United Nations (UN) as part of the broader initiative to support the economic recovery of local governments across the world adding that the first phase involved a diagnostic review of the economic resilience of the city of Accra based on global indicators agreed with the UNECA which was conducted between November 2020 to April 2021.
"The next phase of the DA 13 Project would be to prepare an economic recovery plan based on the findings in the diagnostic study," he added calling on the Greater Accra Coordinating Council (RCC) and adjoining municipalities to take particular interest in the findings of the report as they prepare their respective Medium Term Development Plans for the period 2022 to 2025.
Hon Adjei Sowah also emphasised "the need to align the ERRP with the Ghana Cares Obatampa programme of the Ministry of Finance to generate greater synergies and to ensure an accelerated impact in stimulating the Accra's economy into recovery."
He was hopeful Accra would adopt these global indicators into a data system that allow for continual evaluation and monitoring of the economic and financial recovery and establish a basis for developing long term economic trends that could be relied on for economic estimations.
Mr Charles Paul Iheanacho Abani, United Nations Resident Coordinator in Ghana, pledged to continue to provide technical support and coordination and share lessons and experiences in the next phase of the project to achieve the needed results.
He intimated that recovery packages must continue to deliver projects that facilitate the shift to a low-carbon, climate-resilient economy and support universal access to quality public services with investments in digitalization, greening the economy, promoting gender equality and strengthening health systems, boosting socio-economic response and recoveries plans.