Ministry of Finance signs two compact agreements for post Covid-19 transformation with Ministry of Tourism and Ministry of Trade & Industry
On Tuesday, 11th May 2021, the Ministry of Finance signed two Compact Agreements between with the Ministry of Trade and Industry and the Ministry of Tourism, Arts and Culture.
The Ministry of Trade will receive Two hundred and Eighty two million Ghana cedis ( Ghs282,000,000.00) to pursue various interventions which includes : building Ghana’s light manufacturing industry, rolling out agro processing and food import substitution, development of the pharmaceutical industry, support to distressed companies in strategic sectors, developing Ghana’s automotive products and improve access for Ghanaian exporters under AfCFTA.
The Ministry of Tourism will also benefit from an amount of One hundred Million Ghana Cedis ( GHC 100,000,000.00) which will be used for addressing: Ghana’s tourism infrastructure, transformation of our beaches, sector operators skills revitalization programmes, comprehensive marketing and brand promotion activities of our arts and culture among several others.
This funding supports are different from the Ministries 2021 budget rather, it forms part of measures under the Ghana CARES Obatampa program by President Akufo-Addo to get the economy back on track.
The Compact is a partnership agreement between the Ministry of Finance, as the Coordinating authority, and sector Ministries, under the supervision of the Inter-Ministerial Coordinating Committee (IMCC) to ensure effective and timely delivery of the targets set for the various Ministries under the CARES programme for the 2021 fiscal year.