Nana Addo Dankwa Akufo-Addo
President-elect Nana Addo Dankwa Akufo-Addo has indicated that creating jobs and stabilizing the economy will be one of the major priorities, as he prepares to assume office from January 7.
In an interview with the BBC, Nana Akufo–Addo said it is critical Ghana institute policies that can quickly help deal with an economy which he believes has been on the nosedive over the past five years.
“We have to get our economy moving again to address the problems of low growth, widespread unemployment, and huge debts because this is the reality of our situation in Ghana, and we have to deal with it,” he added.
He said if these issues are not dealt with, the country could run into all kinds of problems down the line.
In a related development, the New Patriotic Party (NPP) is promising to build a business friendly environment that will aid the growth of enterprises in the country.
This is the bedrock of the new government’s manifesto to the electorate before the December 7 elections.
The NPP is also proposing to review most taxes paid by businesses.
According to the party, it is looking at reviewing the corporate tax from 25 percent to 20 percent.
It is also proposing to abolish the 17.5 percent tax on financial services, and removing some import levies.
The move will obviously result in some cuts in government’s revenue.
But the NPP added that other tax policy measures like improving upon tax compliance and expected revenue from the TEN and the Sankofa Gye Nyame Gas Project would make up for the expected loss with these tax cuts that they are proposing.
The new government is also looking at policies that will expand the economy which will result in a double-digit and economic growth.
On growing the economy
The NPP is also planning to implement policies that will help reduce the public debt to appreciable levels by reducing government borrowings.
The party will also push for the enactment of Fiscal Responsibility Law which will lead to the creation of a Fiscal Council. This body is expected to influence revenue and expenditure programmes of government.
– Myjoyonline