Bawumia outlines 9 incentives to grow Ghanaian businesses

The New Patriotic Party's presidential candidate, Dr. Mahamudu Bawumia has pledged to make the country more business-friendly if elected.

Dr. Bawumia, who delivered the party's 2024 manifesto on August 18, 2024 emphasized his commitment to supporting and expanding enterprises, particularly in the private sector.

He announced plans for a new tax structure under his government that is expressly tailored to promote company growth and economic development.

Find his 9 incentives to boost businesses below;

1. Offering Investment Tax Credits (ITC) to incentivize Ghanaian start-ups in strategic sectors during their first three years of operation.

2. Introducing a Flat Rate for all importers to bring predictability and stability to the pricing of imported goods.

3. Harmonizing port charges to align with those of competing regional ports, particularly in Togo, ensuring that duties at Ghanaian ports are the same or lower.

4. Utilizing the government’s purchasing power to stimulate industrial expansion and business growth by implementing a “Buy Ghana First” policy, where public sector procurement prioritizes locally produced goods and services.

5. Reforming electricity tariffs to establish a structure where commercial rates are equal to or lower than residential rates, ensuring affordable power for industries and businesses.

6.Establishing an SME Bank to address the specific financing needs of small and medium enterprises, which employ over 80% of Ghanaians.

7.Reforming the licensing regime for the small-scale mining sector, reducing the minerals export tax to 1% to curb gold smuggling, and establishing a Minerals Development Bank to finance viable local mineral projects, small-scale miners, and Ghanaian mining services firms.

8. Completing the digitalization of land titling and registration, enabling property owners to use their assets as collateral to raise capital for business growth and expansion.

9. Creating Special Economic Zones (Free Zones) in collaboration with the private sector at major border towns such as Aflao, Paga, Elubo, Sampa, and Tatale to enhance economic activity, increase exports, reduce smuggling, and create jobs.

Source: Lead News Online