Highlighting a number of economic and governance initiatives, Mr Kyerematen noted that sole-sourcing had “bloated government expenditure over the years”, and promised to stop the practice in public procurement “to ensure value for money”.
Mr Kyerematen stated this and other key policies during the official launch of the Party’s Great Transformational Plan (GTP) in Accra on Monday.
The launch brought together supporters and sympathisers of the Party from across the country.
He said his administration would amend Article 66 (1) of the Constitution to extend the term of office of the President from four years to five years, with a maximum two-year term in office.
The Flagbearer said he would “consolidate” all existing government departments, agencies, and other public sector organisations that had “overlapping mandates into a single administrative unit”, and cited the Ministry of Energy as one of such institutions.
“We will reduce government spending and financing of infrastructural project by at least 60 percent and rather introduce innovate private sector financing using models such as Build Operate and Transfer.
“…We will undertake a comprehensive review of government spending to reduce the national public expenditure to GDP to a target not less than 10 percent,” he stated.
Part of the economic policies under the GTP, according to Mr Kyerematen, include “a reform of the country’s tax structure” to focus more on direct taxes than indirect taxes.
He said his administration would abolish levies, including the COVID-19 Levy and import levy on spare parts.
“We will abolish all taxes on importation of spare parts within two years, and other administrative levies that have been imposed at the port to reduce the tax burden on importers; these will make the country have the lowest tax regimes in the ECOWAS sub-region in three years,” he stated.
Mr Kyerematen also expressed concern over the use of foreign currency in domestic transactions, and said his administration would implement policies to stop the practice.
“Everybody wants to use Dollar, but that is not your currency…if you are taking Dollars, how do you expect to stabilise your currency? He asked.
He said the GTP had an “aggressive plan for industrial transformation”, which included “a review implementation of the One District One Factory programme”.
Part of the vision to diversify the economy, he noted, was to “accelerate the growth of 10 new strategic industries”, such as vehicle assembly and component manufacturing, garment and textiles, and pharmaceuticals.
“We will abolish existing practice of cocoa external loan syndication and, in place, issue domestic bonds and securities to mobilise cedis to buy cocoa from farmers so that when we sell our cocoa, the full benefit can come into the economy,” he stated among other key propositions.
