The New Patriotic Party (NPP) Flagbearer, Dr Mahamudu Bawumia, has indicated that he stands for business-friendly tax reforms.
According to Dr Bawumia, such reforms will boost transactions under his administration.
Addressing members of the Ghana Union of Traders’ Association (GUTA) in Accra, on Friday, April 5, 2024, Dr Bawumia explained his plans to implement a flat rate tax system after granting tax amnesty to all businesses and individuals in 2025.
He was hopeful that the Bank of Ghana’s gold-purchasing policy, would stabilise the local currency (the Cedi) and ensure stable exchange rates, which would ultimately enhance price predictability.
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The Vice President stressed that his “government will be business-centered and make Ghana one of the most business-friendly economies in the world,”
He disclosed plans by the government to put in place a Credit Scoring System for entrepreneurs and individuals to ensure lower interest rates on loans, especially for those who were honest with their loan payments.
Dr Bawumia said he would focus on solar power by producing 2,000 megawatts of solar energy during the first four years of his tenure as President of the Republic to ensure an affordable and reliable power supply.
He expressed gratitude to GUTA for its positive reaction to his policy proposals, especially the tax amnesty and flat tax and container rates proposals, aimed at creating a friendly environment for businesses to thrive.
On his part, GUTA President, Dr. Joseph Obeng Darko, made it clear that “we agree with your flat tax proposal because it will simplify things for us and our businesses…The reason why we like the tax amnesty and flat tax rate policy is that if you give us the amnesty and the flat tax rate, it will help our businesses. It means that we are going to do the right thing which will be benchmarked against the next 5 years as you have proposed”.