Dr. Mahamudu Bawumia, the New Patriotic Party’s flagbearer, has pledged to cultivate a more business-friendly environment if elected president.
At the launch of the party’s 2024 manifesto, Bawumia outlined his commitment to bolstering and expanding the private sector. He detailed several key initiatives aimed at fostering business growth and economic development:
1. **Investment Tax Credits (ITC):** Introduce tax credits to support Ghanaian start-ups in key sectors during their first three years of operation.
2. **Flat Rate for Importers:** Implement a flat rate tax for all importers to bring predictability and stability to the pricing of imported goods.
3. **Harmonized Port Charges:** Align port charges with those of regional competitors like Togo to ensure Ghanaian port duties are competitive.
4. **”Buy Ghana First” Policy:** Use government purchasing power to prioritize locally produced goods and services, stimulating industrial growth.
5. **Reformed Electricity Tariffs:** Structure commercial electricity rates to be equal to or lower than residential rates to ensure affordable power for businesses.
6. **SME Bank:** Establish a bank dedicated to addressing the financing needs of small and medium enterprises, which employ over 80% of Ghanaians.
7. **Mining Sector Reforms:** Reduce the minerals export tax to 1% to prevent gold smuggling, reform the licensing regime for small-scale mining, and create a Minerals Development Bank to support local mining projects.
8. **Digitalization of Land Titling:** Complete the digitalization of land registration to enable property owners to use their assets as collateral for business growth.
9. **Special Economic Zones:** Develop Special Economic Zones in major border towns, such as Aflao, Paga, Elubo, Sampa, and Tatale, to boost economic activity, increase exports, reduce smuggling, and create jobs.
Bawumia’s proposals aim to create a more dynamic and supportive environment for businesses in Ghana, driving economic advancement and job creation.
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