In a much-anticipated meeting with the Ghana Union Traders Association (GUTA), the flagbearer of the National Democratic Congress (NDC), John Mahama, has expressed his commitment to the modernization of markets and the creation of a stable macroeconomic environment, if the party wins the 2024 elections.
During the meeting in Accra, the former President, criticized the current government’s reckless borrowing spree in 2019, pointing out that the NDC, was a lone voice of reason during that time. To ensure fiscal discipline, Mr Mahama, vowed to place a cap on the government’s borrowing and introduce stringent reforms.
Furthermore, he pointed out that he advised President Akufo Addo, not to touch the Energy Sector Levy Act (ESLA), as doing so could result in a return to the power crisis known as “DUMSOR”.
He pledged to set up economic buffers, such as sinking funds and stabilization funds, to prevent such disruptions in the future.
The NDC flagbearer, highlighted the financial inflows during the COVID-19 pandemic, as both a disaster and an opportunity and emphasized the need for a visionary leader to establish economic buffers to manage such crises.
Regarding the Ghana Ports and Harbours Authority (GPHA), Mr Mahama noted that it had paid over two hundred million dollars ($200,000,000) in dividends, with seventy million dollars ($70,000,000) allocated for the Boankra inland port project.
He promised to rationalize fees and charges at the ports, aiming to scrap needless ones, saying that under his proposed 24-hour economy policy, the port would operate 24/7, including weekends and holidays.
Furthermore, former President Mahama, pledged to license special financial institutions to support businesses in clearing their goods at the port and stop the collection of illegal and excessive fees by shipping lines.
Expressing his shock at the 22 levies and fees on the clearing of goods at the ports, Mr Mahama, promised to scrap some to alleviate the burden on traders and also pledged to expand the tax net to reduce the tax burden on the formal sector and traders.
Responding to recent criticisms from Vice President Dr Bawumia, Mr Mahama, cautioned GUTA against believing Bawumia’s deceptive promises and urged Dr Bawumia to scrap the proposed E-levy and other taxes immediately, rather than delaying their implementation.
Recognizing the challenges Ghana faces, including shortfalls in forex due to declining cocoa output and under investments in new oil fields, former President Mahama, stated that his government would pursue an aggressive agenda of import substitution and self-sufficiency.
He also emphasized the need to move away from overemphasizing Gross Domestic Product (GDP) and instead focus on Gross National Product (GNP) to truly measure economic progress.
The NDC flagbearer, also assured the attendees that he would not interfere with the work of anti-corruption agencies, reiterating that he was not a clearing agent.
He pledged to establish a National Apprenticeship programme to provide skills and logistics for job creation, as well as ensuring that businesses engaged in production pay lower electricity tariffs than residential users.
Mr Mahama, also promised to establish a National Women’s Bank to provide financial support for businesses owned by women.
Reacting to fabricated claims that he had sold the Tema Port, he urged Ghanaians to dismiss such assertions as lies and call for the focus to be on creating before distributing wealth.
The meeting between former President John Mahama and GUTA, concluded with a renewed commitment to work together for the betterment of Ghanaian businesses and the overall economy.
