Vice President Dr. Mahamudu Bawumia, the flagbearer for the New Patriotic Party (NPP), has assured members of the Ghana Union of Traders’ Association (GUTA) of his unwavering commitment to implement business-friendly tax reforms to enhance economic activities under his administration.
Advertisement
During a meeting with GUTA members in Accra, Dr. Bawumia reiterated his plans to introduce a flat-rate tax system and provide tax amnesty to all businesses and individuals in 2025.
He promised to align Ghana’s port duties with those of Lome Port in Togo to ensure competitive or even lower tariffs, aiming to deter smuggling and prevent goods diversion to neighboring ports.
Additionally, the NPP flagbearer outlined his proposal to impose specific duties at the port on 20-footer and 40-footer containers to improve pricing predictability of imported goods.
Dr. Bawumia also emphasized initiatives to stabilize the local currency through the Bank of Ghana’s gold-purchasing policy, ultimately leading to steady exchange rates.
Advertisement
“My government will prioritize the interests of businesses, striving to make Ghana one of the most business-friendly economies globally,” he affirmed.
He announced plans to introduce a Credit Scoring System for entrepreneurs and individuals by June, with the aim of reducing interest rates for those with good loan repayment records.
“Under my administration, we will reduce government borrowing by shifting government expenditures to the private sector.”
Furthermore, Dr. Bawumia pledged to concentrate on solar power generation to produce 2,000 megawatts of solar energy within the first four years of his presidency.
“I am encouraged by GUTA’s positive response to my policy proposals, particularly the tax amnesty and flat tax, and container rates proposals, designed to create a conducive environment for businesses to thrive,” he remarked.
Earlier, Dr. Joseph Obeng, President of GUTA, outlined the challenges faced by Ghanaian entrepreneurs, including high business costs.
Members of the Association actively engaged in discussions, seeking clarifications and providing suggestions for further improvement.
Leave a Reply