COVID-19 RECOVERY: Global Effort Needed to Revive Businesses - President Akufo-Addo Advocates

President Akufo-Addo says a global effort is the surest way to revive all failed and struggling businesses as a result of the negative impacts of the COVID-19 pandemic which has embattled global economies for nearly a year now.

Speaking at the global launch of 'For Better Business Together (4BBT)', an event organized by the Ministry of Business Development, in collaboration with the United Nations Development Programme (UNDP), the International Chamber of Commerce (ICC) and the Business for Peace Foundation, at the Kempinski Hotel Gold Coast City, under the theme: Post COVID-19, Rebuilding Global Businesses Together, President Akufo-Addo said the devastating effects of the novel corona virus, COVID-19, on the world economy shows that it would take a global outlook to deal with same.

"The distruction of global supply chains has reinforced the necessity for closer cooperation among all countries in the world. Even as business leaders navigate COVID-19, it is imperative that we find a balance between profitability, viability, employee safety and happiness. These are defining moments and business organizations must endeavor to commit to broader goals including sustainability, social justice, and the attainment of the United Nations 2030 Sustainable Development Goals (SDGs)," President Akufo-Addo said while delivering his keynote address.

"The restructuring of the global financial architecture to enable access to fresh capital by developing nations, now more than ever is another such priority which is of necessity if the gains chalked in transforming our respective economies are not to be eroded and the standard of living of our peoples are not to be dangerously lowered," President Akufo-Addo added.

*The CAP Initiative*

The President noted that, locally, his administration has initiated the Coronavirus Alleviation Programme (CAP), whose objective is to protect households and livelihoods, support micro, small and medium scale businesses, minimize job looses and source additional funding for promotion of industries, to shore-up and expand industrial output for domestic consumption and exports.

"Out of the CAP initiative, emerged the CAP business support scheme, which is targeted at MSMEs in the formal and informal sectors that have been affected by the economic downturn caused by the pandemic. "Thus far, some one hundred and eight thousand (180,000) beneficiaries across the country have been supported under this initiative," President Akufo-Addo said.


The 'For Better Business Together (4BBT)' programme is a new global partnership to advance the United

Nation's Sustainable Development Goals (SDGs) and strengthen businesses in the world following the

novel Covid-19 pandemic, which continues to have devastating effects on the economies of the world, especially on micro, small and medium-sized enterprises (MSMEs).

The programme aims to inspire business-worthy behaviour, discuss and critically analyse specific local issues, and serve as a convergence point for the youth of the world with innovative ideas to connect with entrepreneurs who have the solutions, and investors with SDG perspectives. It will seek to address some of the local sustainability challenges and mobilize local entrepreneurs and businesses to find solutions.

Ghana with about 65% of its 30 million population below 30 years, has been chosen for the global launch of the 4BBT programme. The country's high democratic credentials, political stability, visionary leadership and vibrant entrepreneurial and start-up ecosystem made her the obvious choice for the global launch of the 4BBT programme.

As Co-Chairs with Prime Minister Erna Solberg of Norway, President Nana Addo Dankwa Akuto-Addo's excellent management of the COVID-19 pandemic has gained global recogniton. A major outcome of the 4BBT programme is expected to be the facilitation of SDG-aligned investments with potental partherships in local start-ups/scale-ups and established businesses, to address relevant development challenges.

The programme is powered by Ghana's Ministry of Business Development (MoBD) in collaboration with the United Nations Development Programme (UNDP), the International Chamber of Commerce (ICC), and the Business for Peace Foundation (BfP) of Norway.