Bawumia Announces 9 Solid Incentives To Support Business Growth

Dr. Mahamudu Bawumia, Vice President and Flagbearer of the New Patriotic Party (NPP), has pledged that his government will prioritize the growth and development of businesses, with a particular focus on small and medium-sized enterprises (SMEs).

Speaking at the launch of the NPP’s 2024 Manifesto in Takoradi on Sunday, Dr. Bawumia emphasized his administration’s commitment to implementing bold solutions designed to stimulate business growth, revitalize the economy, and generate jobs.

He highlighted a series of business-friendly policies aimed at creating a conducive environment for enterprises to thrive. These include a favorable tax regime and targeted incentives to bolster business activities. The key measures outlined by Dr. Bawumia include:

1. Investment Tax Credits (ITC) for Start-ups: New Ghanaian businesses in strategic sectors will benefit from investment tax credits during their first three years of operation to ease financial burdens and promote growth.
2. Predictable Import Tariffs: A flat rate will be introduced for importers, ensuring price stability and predictability for imported goods, which will benefit businesses and consumers alike.
3. Competitive Port Charges: Ghanaian port fees will be harmonized with those of regional competitors like Togo, ensuring Ghana’s port duties are on par with or lower than neighboring countries to encourage increased trade.
4. “Buy Ghana First” Policy: The government will prioritize the procurement of locally made goods and services, leveraging its purchasing power to drive industrial expansion and job creation within the country.
5. Revised Electricity Tariffs for Businesses: Commercial electricity rates will be restructured to be equal to or lower than residential rates, helping industries and businesses reduce operational costs.
6. Creation of an SME Bank: A dedicated bank will be established to address the unique financial needs of SMEs, which employ over 80% of the Ghanaian workforce, ensuring they have access to tailored financial support.
7. Reforms in Small-Scale Mining: The small-scale mining sector will see a streamlined licensing process, and a reduction in minerals export tax to 1% will help curb gold smuggling. Additionally, a Minerals Development Bank will be created to provide financing for local mining ventures and support small-scale miners.
8. Digitization of Land Titling and Registration: The ongoing digitization of land titles and registration will be completed, allowing property owners to leverage their land as collateral for business loans and investments.
9. Special Economic Zones (Free Zones): In partnership with the private sector, special economic zones will be established in key border towns like Aflao, Paga, Elubo, Sankasi, and Tatale. These zones aim to boost exports, curb smuggling, and create employment opportunities.

Dr. Bawumia’s proposals underscore a comprehensive approach to supporting businesses, fostering economic stability, and creating a sustainable environment for job creation. His vision, as outlined in the manifesto, reflects a focus on leveraging Ghana’s local resources, enhancing trade competitiveness, and empowering businesses to drive the country’s economic growth.

Source: GhanaFeed.Com