Dr. Mahamudu Bawumia, the flagbearer of the ruling New Patriotic Party (NPP), says that his administration will place a high priority on SMEs in order to foster their growth and contribute to the creation of jobs and the economy.
During the NPP’s 2024 Manifesto launch on Sunday in Takoradi, Dr. Bawumia declared that his government will concentrate on providing audacious solutions for enterprises and employment.
He unveiled policies he referred to as business-friendly, such as a tax structure that is favorable to companies and explicit incentives designed to foster their expansion.
Dr. Bawumia stated that his government will provide the following advantages to businesses:
1. Incentivise Ghanaian start-ups in selected, strategic sectors with Investment Tax Credits (ITC) for the first three (3) years of their operations
2. Flat rate for all importers; bringing predictability and stability to prices of imported goods.
3. Harmonise port charges to align with changes in competing regional ports, particularly Togo. Duties at our ports will be the same or lower.
4. Use the Government’s purchasing power to stimulate industrial expansion and business growth, which will help create jobs, by rolling out a “Buy Ghana First” policy under which all goods and services procured by the public sector will first be filled by goods and services produced locally.
5. Implement a shift in electricity tariffs structure to a regime in which commercial rates are either equal to or lower than residential rates, never higher, to power industries and businesses
6. Establish an SME Bank to meet the special financing needs of small and medium businesses, which employ over 80% of Ghanaians.
7. Reform the licensing regime for the small-scale mining sector, reduce the minerals export tax to 1% to discourage gold smuggling, and establish a Minerals Development Bank to finance viable local mineral projects, small-scale miners, as well as Ghanaian mining and mining services firms
8. Complete the digitalisation of land titling and registration to allow owners of landed properties to use their properties as collateral to raise capital for business growth and expansion.
9. Special Economic Zones ( Free Zones) will also be created in collaboration with the private sector at Ghana’s major border towns such as Aflao, Paga, Elubo, Sankasi and Tatale to enhance economic activity, increase exports, reduce smuggling and create jobs.
