Bawumia Pledges Business-Friendly Tax Reforms To Business Community

 

Vice President Mahamudu Bawumia, who is also the flagbearer of the New Patriotic Party (NPP), has assured the Ghanaian business community of his administration’s commitment to implementing tax reforms aimed at enhancing business transactions in the country.

During an engagement with members of the Ghana Union of Traders’ Association (GUTA) in Accra on Friday, Dr. Bawumia reiterated his plans to introduce business-friendly initiatives, including a flat-rate tax system following the grant of tax amnesty to all businesses and individuals in 2025.

Ensuring predictability in the pricing of imported goods, Vice President Bawumia pledged to establish specific duties on 20-footer and 40-footer containers at the port while benchmarking Ghana’s port duties to those of Lome Port in Togo.

This move is intended to curb smuggling and diverting goods to neighboring ports.

Furthermore, Bawumia highlighted his strategy to stabilize the local currency, the Cedi, and maintain stable exchange rates through the Bank of Ghana’s gold-purchasing policy, emphasizing the importance of price predictability for businesses.

“My government will prioritize a business-focused approach to make Ghana one of the most business-friendly economies globally,” Dr. Bawumia affirmed.

The NPP flagbearer also disclosed the government’s intention to introduce a Credit Scoring System for entrepreneurs and individuals by June this year, with the aim of lowering interest rates on loans, particularly for borrowers with a positive loan repayment history.

In addressing concerns regarding government borrowing, Vice President Bawumia outlined plans to shift government expenditures to the private sector to minimize borrowing.

To enhance the country’s power supply reliability and affordability, he committed to harnessing solar energy by generating 2,000 megawatts of solar power within the initial four years of his presidency.

This initiative aims to diversify the energy mix and reduce dependency on traditional power sources.

Expressing appreciation for GUTA’s endorsement of his policy proposals, especially regarding tax reforms and container rates adjustments, Vice President Bawumia pledged a collaborative effort to establish Ghana as one of the most business-friendly nations globally.

In conclusion, Dr. Bawumia lauded GUTA for their constructive engagement and reiterated his dedication to working hand in hand with the business community towards fostering a conducive environment for economic growth and prosperity in Ghana.

By Vincent Kubi

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