Under his presidency, Dr. Mahamudu Bawumia, the vice president and flagbearer of the NPP, has reaffirmed his commitment to fostering an environment that is conducive to business and the private sector flourishing and propelling economic development.
Dr. Bawumia informed the CEOs at a special dinner last night that brought together business executives and other important figures from the private sector to meet with presidential candidates from the two major parties. He insisted that the economy can only prosper and experience sustainable growth when the private sector is doing well.
“When businesses do well, the economy does well, and vice versa. Show me a buoyant national economy in any part of the world and I’ll show you strong and resilient businesses behind it,” Dr. Bawumia said, reiterating his strong desire to implement what he called bold solutions to help the sustainable growth of businesses and the private sector.”
“My vision for Ghana is to implement bold innovative solutions to ensure sustainable development.”
The core of Bawumia’s audacious business solutions are his proposals to reform the current tax structure, which he said hinders company expansion, enabling the private sector to take on more government infrastructure projects, etc.
Following the impressive recovery indications, Bawumia outlined measures to help stimulate the private sector and business in what he claimed would be a revitalized economy with an anticipated GDP growth rate of 5.6. These measures included the implementation of a new, business-friendly tax regime.
“I know many of you in this room are eager to take advantage of the economic recovery to build back up your enterprise,” Dr. Bawumia said.
“Yet, you may also be struggling with a big tax burden and huge penalties slapped on top of your tax arrears. Many of you are spending precious time that can be used productively, going back and forth with revenue officers, over disagreements on what may be owed.”
“I want to relieve you of that headache. If elected, I will do so by introducing a radically new tax system, beginning in 2025,”
