The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has affirmed his dedication to a strategic shift towards fostering business growth and private sector development, steering the development agenda away from predominant social interventions championed by the current government led by President Nana Addo Dankwa Akuf o-Addo.
Engaging in a constructive dialogue with the Ghana Chamber of Commerce and Industry in Accra today, Dr. Bawumia solicited valuable insights from the business community as the manifesto committee prepares innovative ideas for the upcoming 2024 elections.
Advocating for a forward-thinking and transformative approach, Dr. Bawumia expressed his vision for pioneering new strategies to drive progress in the nation.
He emphasized the necessity of embracing fresh initiatives to propel Ghana towards economic transformation.
“We need to be transformational. And so, we need to be taking decisions that will transform the country. I want us to do new things. I want us to do things we have not done before,” said Dr. Bawumia, emphasizing his commitment to breaking new ground in national development efforts.
Highlighting a strategic change in emphasis, he noted, “In our first terms in office, we primarily focused on social interventions. However, my aim is to pivot our attention towards supporting businesses and empowering the private sector.”
Responding to Dr. Bawumia’s agenda for private sector revitalization, the Ghana Chamber of Commerce and Industry proposed several key measures, including the elimination of certain taxes such as the COVID-19 levy, reducing government borrowing from domestic banks to decrease competition for loans with businesses, and addressing the issue of erratic power supply.
Dr. Clement Osei Amoako, President of the Chamber, underscored the significance of minimizing the budget deficit to prevent excessive competition with the private sector for financial resources.
He stressed the imperative to create a financial climate that fosters private sector growth without unnecessary distortion.
The Chamber voiced support for Dr. Bawumia’s suggestion to amend the fiscal responsibility act, introducing a fiscal rule that would restrict budgeted expenditure in any year to not exceed 105% of the previous year’s tax revenue.
Dr. Bawumia’s pledge to prioritize private sector development in the national agenda not only underscores a new direction in economic policy but also signals a concerted effort to engage with the business community in shaping a comprehensive and impactful strategy for sustainable growth and prosperity.
By Vincent Kubi
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