Vice President and flagbearer of the governing New Patriotic Party (NPP) Dr Mahamudu Bawumia has assured the Ghanaian business community of his plans to implement business-friendly tax reforms to boost transactions under his administration.
“My government will be business-centred and make Ghana one of the most business-friendly economies in the world,” the NPP flagbearer for the 2024 general election reiterated.
Dr. Bawumia also announced government’s plans to roll out Credit Scoring System for entrepreneurs and individuals by June, this year, to ensure lower interest rates on loans, especially for those who were honest with their loan payments.
“Under my administration, we will reduce government borrowing by moving government’s expenditures to the private sector.”
Flat rate tax system
Interacting with members of the Ghana Union of Traders’ Association (GUTA) in Accra on Friday, Vice President Bawumia reiterated his resolve to implement a flat rate tax system after granting tax amnesty to all businesses and individuals in 2025.
He pledged to benchmark Ghana’s port duties to that of Lome Port, Togo and make sure it is at par or even lower than that country’s port, in order to prevent smuggling and diversion of goods and cargoes to neighbouring ports.
The NPP flagbearer assured the business community of his plans to implement specific duties at the port on 20-footer and 40-footer containers to ensure predictability of pricing of imported goods.
He believed that with the Bank of Ghana’s gold-purchasing policy, it would stabilise the local currency (the Cedi) and ensure stable exchange rates, which would ultimately enhance price predictability.
To ensure affordable and reliable power supply, Dr Bawumia said he would focus on solar power by producing 2,000 megawatts of solar energy during the first-four years of his tenure as President of the Republic.
“I am encouraged by GUTA’s positive reaction to my policy proposals, especially the tax amnesty and flat tax and container rates proposals, aimed at creating a friendly environment for businesses to thrive.”
The NPP flagbearer expressed profound gratitude to the leadership and members of the Association for the open, frank and fruitful engagements.
“Together, we shall make Ghana one of the most business-friendly countries in the world,” Dr. Bawumia stressed.
Earlier, Dr Joseph Obeng, the President of GUTA, highlighted some challenges Ghanaian entrepreneurs and traders were facing, including high cost of doing-business.
Members of the Association also took turns to ask questions, seek clarifications and make suggestions.
On comparative records between the NPP and NDC, Dr. Bawumia said the data shows that the NDC comes nowhere near the NPP in many sectors.
