The New Patriotic Party (NPP) Flagbearer, has assured the Ghanaian business community of his plans to implement business-friendly tax reforms to boost transactions under his administration.
Interacting with members of the Ghana Union of Traders’ Association (GUTA) in Accra, on Friday, Vice-President Dr Mahamudu Bawumia, reiterated his resolve to implement a flat-rate tax system after granting tax amnesty to all businesses and individuals in 2025.
He pledged to benchmark Ghana’s port duties to that of Lome Port, Togo and make sure it is at par or even lower than that country’s port, in order to prevent smuggling and diversion of goods and cargoes to neighbouring ports.
The NPP flagbearer assured the business community of his plans to implement specific duties at the port on 20-footer and 40-footer containers to ensure the predictability of pricing of imported goods.
He believed that with the Bank of Ghana’s gold-purchasing policy, it would stabilise the local currency (the Cedi) and ensure stable exchange rates, which would ultimately enhance price predictability.
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“My government will be business-centred and make Ghana one of the most business-friendly economies in the world,” Dr Bawumia added.
He announced the government’s plans to roll out Credit Scoring System for entrepreneurs and individuals by June, this year, to ensure lower interest rates on loans, especially for those who were honest with their loan payments.
“Under my administration, we will reduce government borrowing by moving government’s expenditures to the private sector.”
To ensure affordable and reliable power supply, Dr Bawumia said he would focus on solar power by producing 2,000 megawatts of solar energy during the first-four years of his tenure as President of the Republic.
“I am encouraged by GUTA’s positive reaction to my policy proposals, especially the tax amnesty and flat tax and container rates proposals, aimed at creating a friendly environment for businesses to thrive.”
The NPP flagbearer, expressed profound gratitude to the leadership and members of the Association for the open, frank and fruitful engagements.
“Together, we shall make Ghana one of the most business-friendly countries in the world.”
Earlier, Dr Joseph Obeng, the President of GUTA, highlighted some challenges Ghanaian entrepreneurs and traders were facing, including the high cost of doing-business.
Members of the Association, also took turns to ask questions, seek clarifications and make suggestions.
GUTA is reported to have welcomed Dr Bawumia’s proposal to implement a new flat tax regime along with a tax amnesty, saying it was a step in the right direction, adding it will significantly boost their businesses.
Dr Joseph Obeng Darko, speaking on behalf of the union, welcomed Dr Bawumia’s tax reform proposal.
“We agree with your flat tax proposal because it will simplify things for us and help our businesses to grow,” said the GUTA president.
“The reason why we like the tax amnesty and flat tax rate policy is that if you give us the amnesty and the flat tax rate, it will help our businesses.
“It means that we are going to do the right thing, which will be benchmarked against the next 5 years as you have proposed.
“This is the best thing you could have given us,” Dr Obeng Darko added.
“We are not politicians, but we are rational human beings and businessmen and women.
