In the event that he is elected, New Patriotic Party flagbearer Dr. Mahamud Bawumia promised to improve the business climate. Dr. Bawumia underlined his dedication to bolstering and growing enterprises, especially in the private sector, when he unveiled the party’s 2024 manifesto. He presented proposals for a new tax system that would be implemented under his leadership and that would be especially intended to promote economic growth and company expansion.
- Granting Ghanaian start-ups in vital industries Investment Tax Credits (ITC) for the first three years of their business.
- Establishing a Flat Rate for all importers in order to stabilise and predictably determine the cost of imported goods.
- Bringing port fees in line with those of other regional ports, especially in Togo, so that tariffs at Ghanaian ports are equal to or less than those of those other ports.
- Using the government’s purchasing power to promote business and industrial growth through the adoption of a “Buy Ghana First” policy, which gives preference to locally produced goods and services in public sector procurement.
- Ensuring cheap power for businesses and industries requires reforming electricity tariffs to create a structure where commercial rates are either lower or equivalent to residential rates.
- Creating a SME bank to handle the unique funding requirements of small and medium-sized businesses, which employ more than 80% of Ghanaians.
- Reducing the export tax on minerals to 1% in order to prevent the smuggling of gold, changing the license requirements for small-scale mining, and creating a Minerals Development Bank in order to provide funding for feasible local mineral projects, small-scale miners, and Ghanaian mining services companies.
- Completing the digitalisation of land registration and titling, which will allow property owners to raise money for business expansion and growth by using their assets as collateral.
- In order to boost economic activity, increase exports, decrease smuggling, and create jobs, important border towns including Aflao, Paga, Elubo, Sampa, and Tatale should establish Special Economic Zones (Free Zones) in cooperation with the private sector.
SOURCE: dew360.net
