I’ll focus on private sector development – Bawumia

The flagbearer of the New Patriotic Party (NPP), has reiterated his commitment to shifting the development focus away from social interventions, a hallmark of the Akufo-Addo-led government, towards bolstering businesses and the private sector.

During a dialogue with the Ghana Chamber of Commerce and Industry in Accra on Wednesday, he sought their input as the manifesto committee crafts ideas for the 2024 polls.

Dr. Bawumia emphasized the need for a transformational approach, advocating for innovative strategies to propel the country forward.

“We need to be transformational. And so, we need to be taking decisions that will transform the country. And I don’t believe going forward, we are going to be doing the same things. I want us to do new things. I want us to do things we have not done before.

Highlighting a shift in focus, he stated, “In our first couple of terms in office, we have focused as a government a lot more on social interventions. But now I want us to move the focus to business and the private sector.”

In response, the Ghana Chamber of Commerce and Industry urged Dr. Bawumia to consider various measures, including the removal of certain taxes such as the COVID-19 levy, reducing government competition with businesses for loans from domestic banks, and addressing erratic power supply issues.

Dr. Clement Osei Amoako, President of the Chamber, emphasized the importance of reducing the budget deficit to prevent undue competition with the private sector for financial resources.

“There should be a significant reduction in budget deficit to prevent competition with the private sector for funds. Given the prevailing economic condition and tight monetary policies, further attempts to compete with the private sector for funds in the domestic money market will introduce significant distortion in our economy.

“That the chamber supports your proposition to amend the fiscal responsibility act to add a fiscal rule that requires a budgeted expenditure in any year does not exceed 105% of the previous year tax revenue.”

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