Here are topmost priorities of the next NDC govt to reset Ghana's economy

The National Democratic Congress (NDC) has articulated a vision aimed at resetting Ghana’s trajectory as the nation approaches the 2024 December 7, presidential and parliamentary elections.

The NDC’s leadership has made it clear that their topmost priority is to address what they describe as a decline in governance and economic stability under the current administration.

Here are some priorities NDC wants to implement to tackle the ailing economy of Ghana.

•Reduce hardships.

•Ensure macroeconomic stability.

•Restore fiscal and debt sustainability.

•Restore investor confidence.

• Prioritise investment in productive sectors for sustainable economic growth and decent jobs.

We will:

1. Scrap the following draconian taxes within our first 100 days in office to alleviate hardships and ease the high cost of doing business:

• E-levy

•COVID levy

•10% levy on bet winnings

•Emissions levy

• Import duty on vehicles and equipment imported into the country for industrial and agricultural purposes

To further ease hardships, we will:

Apply the Price Stabilizations and Recovery Levy on fuel to cushion consumers.

• Rationalise fees and charges at our ports to reduce the burden on importers and Ghanaians.

• Undertake a comprehensive reform of Ghana’s VAT regime to provide relief for households and businesses.

This will include reversing the decoupling of GETFund and NHIL from VAT, reversing the VAT flat rate regime, upwardly adjusting the VAT registration threshold to exempt micro and small businesses and repealing the law imposing VAT on domestic electricity consumption.

• Stabilise the Ghana Cedi and macro-economy through an urgent economic recovery programme to shore up our foreign reserves.

• Roll out the equivalent of a $10 billion Big Push policy for strategic infrastructural development to drive sustainable economic growth and transformation.

• Introduce various social interventions to alleviate the current economic hardships and protect the vulnerable. These will include the:

? No-Academic-Feepolicyforallfirst-yearstudentsinpublic tertiary institutions under the ‘No-Fees-Stress’ initiative

? Free Tertiary Education for Persons with Disability (PWDs)

? Free Primary Healthcare

? Ghana Medical Care Trust (MahamaCares)

? Free Sanitary Pads for school girls, among others.

We will:

1. Launch a forensic audit into the NPP’s collapse of indigenous Ghanaian banks and financial institutions at a supposed cost of GH¢25 billion.

2. Restore the licenses of wrongfully collapsed financial institutions and create employment opportunities for persons who lost their jobs as part of a broader strategy to increase Indigenous participation in the sector.

3. Shift from over-concentration on the macro-economy, prioritise the micro-economy and invest in the real sector to anchor sustainable growth.

4. Implement an Economic Transformation Agenda (ETA) underpinned by structural reforms and anchored on promoting modernised agriculture, agri-business and value addition for import substitution, exports and job creation.

5. Work to reduce food inflation to lower the high cost of living in the country through our Agriculture for Economic Transformation Agenda (AETA).

6. Revise the Earmarked Funds Capping and Realignment Act, 2017, to free statutory funds such as the GETFund, NHIL, Road Fund, etc., for their mandated objects.

7. Develop a deliberate policy to build economic buffers through external reserves to cushion the Ghana Cedi.

8. Review and enforce the Fiscal Responsibility Act 2018 (Act 982) and implement a fiscal consolidation plan to ensure fiscal discipline under the supervision of an Independent Fiscal Council.

9. Implement a robust fiscal policy framework to reset the government’s priorities and reduce waste and financial losses.

10. Review the Public Procurement law to provide for an Independent Value for Money office to scrutinise government procurements above a threshold determined by Parliament.

11. Constitute the Independent Public Debt Management Office (DMO) under the Public Financial Management Act, 2016 (Act 921) to ensure effective public debt management

12. Restore confidence in Ghana’s economy on the domestic bond and capital markets.

13. Restructure the Bank of Ghana to strengthen its independence and operational efficiency to deliver its price and financial stability mandate.

We will implement revolutionary and transformational policies to create sustainable, decent, well-paying jobs.

14. Launch a forensic audit into the illegal printing of money by the Bank of Ghana to finance the corrupt Akufo-Addo/ Bawumia government, which caused hyperinflation and pushed over 850,000 Ghanaians into poverty in the year 2022.

15. Investigate the NPP’s opaque Gold-for-Oil initiative and review the Gold Purchase Programme of the Bank of Ghana.

16. Improve disbursements into the District Assemblies Common Fund (DACF) for local development.

17. Implement Mo-Ne-Yo, a unique Pension Scheme for informal sector workers such as commercial drivers, commercial motorcyclists (Okada), small-scale miners, farmers, fishermen, traders, market women, creatives and artisans to improve their livelihoods in retirement.

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