By Iddi Yire, GNA
Accra, Nov. 08, GNA – President John Dramani Mahama has announced an ambitious $9 billion investment initiative aimed at transforming Ghana’s economy, declaring that his administration has largely succeeded in stabilising the nation’s finances nearly two years after taking office.
Speaking at the annual Hogbetsotso Festival in Anloga in the Volta Region, the President said the Minister of Finance would outline the government’s “New Economy” plan when presenting the 2027 Budget on his behalf.
“This is a bold initiative that will seek to invest over $9 billion in job-rich sectors of the economy between 2027 and 2030,” the President said.
Mahama reflected on his administration’s first 22 months in office, saying the government had concentrated on “stabilising the national economy and restoring it to a path of growth.”
“I am pleased to report to you that the objective of stabilising the economy has largely been achieved,” he stated.
With stabilisation largely complete, the President said his government’s focus was now shifting toward job creation and improving livelihoods.
“Our next task is to invest in creating opportunities for our people so that they can realise a decent and dignified life,” Mahama said.
The President said fiscal discipline helps them to sustain these responsibilities, adding that it requires them to choose their priorities carefully, finance them responsibly and complete the work they undertake.
He said the Volta Region was set to benefit greatly under the New Economy policy in the areas of textiles, garments, commercial agriculture, hospitality, and tourism.
He noted that some development projects the Government had embarked upon in the Volta Region include construction of CHPS compounds, classroom blocks and feeder roads, which were all funded through disbursements from the District Assemblies Common Fund.
“This is the result of my directive, after I assumed office, to transfer not less than 80 per cent of the District Assemblies Common Fund directly to the districts to finance their own development programmes,” the President said.
He said that these provided increased resources to all their Metropolitan, Municipal, and District Assemblies across the country to finance their infrastructure development activities.
President Mahama said these investments were enabling development to reach communities and touch the lives of their people directly; declaring that at the same time, they must ensure that these facilities were properly equipped, adequately staffed and well maintained.
He said they had commissioned the Ghana Exim Bank to commence work on a light industrial area in the Keta area in the Volta Region.
He said 200 acres of land had been acquired, stating that the industrial area would be dedicated to the textiles and garments industry.
“We expect that, initially, when it begins operations, it will create at least 3,000 jobs, and that this number will eventually grow to 10,000 jobs when it is fully operational,” President Mahama stated.
He announced that they would complete most segments of the Eastern Corridor Road by the end of next year, 2027.
“I am also happy to announce that, in the first quarter of next year, I will cut the sod to begin the construction of the Volivo Bridge over the Southern Volta River,” he said.
He noted that the bridge would be a vital link on the Eastern Corridor Road, connecting the southern part of the country to the northern part.
Togbui Sri III, the Awoamefia of the Anlo State, said the Government should ensure the uninterrupted continuation and completion of the Blekusu Sea Defence Wall Project.
He noted that concurrently, they respectfully request clear and transparent timelines for the Keta Port Project, adding that the administration block was almost complete and that the project had remained on paper for far too long.
He said the people of Anlo wish to see action in the physical construction of the port.
Togbui Sri said the relocation of the Eastern Naval Base to Keta, as promised, should be finalised to secure their waters.
He said alongside this, the Government should move from rhetoric to action in establishing the University of the Blue Economy and Coastal Ecosystems in Anlo to secure a future for their youth in the maritime sector.
GNA
Edited by Kenneth Odeng Adade