“I will make it more attractive for the private sector to finance and manage road construction through public-private partnerships and promised to offer bold solutions geared towards reviving Ghana’s economy through the implementation of several social and economic interventions,” he said.
The economic interventions would create sustainable growth, support small businesses, and foster innovation particularly within the private sector.
The Flagbearer said this at the 2024 NPP Manifesto launch in Takoradi on Sunday.
It was on the theme: “Selfless Leadership, Bold Solution for Jobs and Business”.
The Manifesto has comprehensive plans, projects and programmes spanning health, ICT, education and industrilisation to influence the social and economic well-being of Ghana in a more positive manner.
Dr Bawumia described the Manifesto as a social contract to help the country to fully participate in the fourth industrial revolution.
It was designed to ensure that the private sector did not only thrive but also expand to increase production and empower citizens to access the opportunities generated, he said.
There would be policies and directives to incentivise Ghanaian start-ups in selected, strategic sectors with Investment Tax Credits (ITC) for the first three years of their operations.
“There will also be flat rate system of duties for all importers; bringing predictability and stability on prices of imported goods,” Dr Bawumia said.
He indicated that his government would harmonise port charges to align with charges in competing regional ports, particularly Togo.
“Duties at our ports will be same or lower”.
He said he would implement a shift in electricity tariffs structure to a regime in which commercial rates were either equal to, or lower than residential rates, to power industries and businesses.
An SME Bank would be established to meet the special financing needs of small and medium businesses, which employ over 80% of Ghanaians.
“I will also complete the digitalisation of land titling and registration to allow owners of landed properties to use their properties as collateral to raise capital for business growth and expansion”, he added.
Dr Bawumia promised to increase the government tax revenue, reform and refocus the Ghana Revenue Authority (GRA) towards broadening the tax base.
“Estimates suggest revenues amounting to 13 per cent of GDP (or some GH¢150billion in 2023) are not collected because people are outside the tax net”.
“Many individuals and businesses find our tax system cumbersome and confusing. We want a tax regime that is easy to understand, easy to comply with, easy to enforce, softer on the taxpayer and that is not subject to so much discretion.”
The next NPP government would introduce a very simple, citizen and business friendly flat tax regime, the Flagbearer said.
“A flat tax of a percentage of income for individuals and businesses with appropriate exemption thresholds set to protect the poor.”
“With the new tax regime, the tax return should be able to be completed in minutes! We will also simplify our complicated corporate tax system and VAT regime”.
“We will reform the Value Added Tax regime by merging all levies into a single line-item levy and treat the merged levy as part of input and output VAT, to eliminate the cascading effect in the current regime.”
“I will pursue women diplomacy programme for Ghanaian women to take leadership roles in international organisation.”
Dr Bawumia said the Next NPP government will establish Women’s Trade Empowerment Fund (WoTEF) to support women-owned businesses.
GNA
