Vice President Dr. Mahamudu Bawumia, the Flagbearer of the New Patriotic Party (NPP), has assured members of the Ghana Union of Traders' Association (GUTA) of his plans to implement business-friendly tax reforms aimed at boosting transactions under his administration.
During an interaction with GUTA members in Accra on Friday, Dr. Bawumia reiterated his commitment to implementing a flat-rate tax system after granting tax amnesty to all businesses and individuals in 2025. He pledged to benchmark Ghana's port duties to those of Lome Port, Togo, ensuring they are at par or even lower, to prevent smuggling and diversion of goods and cargoes to neighbouring ports.
The NPP flagbearer further assured the business community of his plans to implement specific duties at the port on 20-footer and 40-footer containers to ensure predictability of pricing of imported goods. He emphasized that stabilizing the local currency (the Cedi) and ensuring stable exchange rates through the Bank of Ghana's gold-purchasing policy would enhance price predictability.
“My government will be business-centred and make Ghana one of the most business-friendly economies in the world,” Dr. Bawumia affirmed. He announced plans to roll out a Credit Scoring System for entrepreneurs and individuals by June this year, aiming to ensure lower interest rates on loans, particularly for those with a good record of loan payments.
Dr. Bawumia also outlined his administration's focus on solar power, intending to produce 2,000 megawatts of solar energy during the first four years of his tenure as President. He expressed gratitude for GUTA's positive reaction to his policy proposals, emphasizing their importance in creating a conducive environment for businesses to thrive.
In his remarks, Dr. Joseph Obeng, President of GUTA, highlighted challenges faced by Ghanaian entrepreneurs and traders, including the high cost of doing business. Members of the Association engaged in discussions, asking questions, seeking clarifications, and making suggestions.
Dr. Bawumia concluded by expressing appreciation for the open, frank, and fruitful engagements with GUTA members, affirming his commitment to working together to make Ghana one of the most business-friendly countries globally.
