- In order to improve growth, strengthen the economy, and generate employment, Dr. Mahamudu Bawumia, the vice president and flagbearer of the New Patriotic Party (NPP), has said that if elected president, his administration will place a high priority on the empowerment of companies, especially SMEs. Speaking on Sunday at the NPP’s 2024 Manifesto launch in Takoradi, Dr. Bawumia emphasized his dedication to putting out audacious measures targeted at boosting business and employment.
- He presented a list of pro-business measures, such as a tax system that is advantageous to businesses and direct incentives that are intended to encourage their growth.
- Dr. Bawumia’s main recommendations for incentives are as follows: a. Granting Investment Tax Credits (ITC) to Ghanaian start-ups in critical industries for the first three years of their operations.
- Granting Investment Tax Credits (ITC) to Ghanaian startups in critical industries for the first three years of their business operations.
- Establishing a Flat Rate for all importers in order to stabilize and predictably determine the cost of imported products.
- Leveling up port fees to match those of other regional ports, especially in Togo, so that levies at Ghanaian ports are equal to or less than those of those other ports.
- Using the government’s buying power to promote commercial and industrial growth by putting in place a policy known as “Buy Ghana First,” which gives preference to locally produced goods and services in public sector procurement.
- Modifying electricity prices to create a system in which business rates are either the same as or less than residential rates, guaranteeing that enterprises and industries can obtain power at a reasonable cost.
- The creation of a SME Bank to cater to the unique funding requirements of small and medium-sized businesses, which employ more than 80% of Ghanaians.
- Creating a Minerals Development Bank to provide funding for feasible local mineral projects, small-scale miners, and Ghanaian mining services companies; changing the licensing system for the small-scale mining industry; and lowering the minerals export tax to 1% in an effort to stop the smuggling of gold.
- Establishing Special Economic Zones (Free Zones) in significant border towns like Aflao, Paga, Elubo, Sampa, and Tatale in cooperation with the private sector in order to boost the local economy, boost exports, lessen smuggling, and generate employment.
- Finishing the digitization of land registration and titling, which will allow property owners to borrow money for development and growth of their businesses by using their assets as collateral.