Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), unveiled a comprehensive plan for economic growth and development at the party’s 2024 manifesto launch in Takoradi.
With a focus on empowering businesses, particularly Small and Medium Enterprises (SMEs), Dr. Bawumia announced nine key incentives to drive growth, boost the economy, and create jobs.
“We are committed to implementing bold solutions for business and job growth,” Dr. Bawumia emphasized. “Our plan is designed to stimulate economic growth, increase exports, reduce smuggling, and create jobs for Ghanaians.”
The first incentive, Investment Tax Credits (ITC), aims to support Ghanaian start-ups in strategic sectors during their first three years of operation. This will help new businesses to grow and thrive, creating jobs and driving innovation.
The second incentive, a Flat Rate for all importers, will bring predictability and stability to the pricing of imported goods. This will help businesses to plan and budget with confidence, reducing the risk of unexpected costs.
The third incentive, harmonizing port charges, will ensure that duties at Ghanaian ports are the same or lower than those of competing regional ports. This will make Ghana’s ports more attractive to traders and businesses, increasing trade and economic activity.
The “Buy Ghana First” policy, the fourth incentive, will prioritize locally produced goods and services in public sector procurement. This will help to boost domestic industries, create jobs, and reduce reliance on imports.
The fifth incentive, reforming electricity tariffs, will establish a structure where commercial rates are equal to or lower than residential rates. This will help businesses to reduce their energy costs, making them more competitive and profitable.
The sixth incentive, establishing an SME Bank, will address the specific financing needs of small and medium enterprises.
This will provide businesses with access to the capital they need to grow and expand, creating jobs and driving economic growth.
The seventh incentive, reforming the licensing regime for the small-scale mining sector, will reduce the minerals export tax to 1%. This will help to boost the mining industry, creating jobs and increasing exports.
The eighth incentive, completing the digitalization of land titling and registration, will enable property owners to use their assets as collateral. This will help businesses to access credit and finance, driving growth and development.
The ninth and final incentive, creating Special Economic Zones (Free Zones) in collaboration with the private sector, will stimulate economic activity, increase exports, and create jobs. These zones will be established at major border towns, making it easier for businesses to trade and invest.
Dr. Bawumia’s plan has been welcomed by business leaders and economists, who see it as a comprehensive and bold approach to driving economic growth and development. With these nine incentives, the NPP aims to create a business-friendly environment that will attract investment, create jobs, and drive prosperity for all Ghanaians.
-BY Daniel Bampoe