President-elect Nana Addo Dankwa Akufo-Addo has indicated that creating jobs and stabilizing the economy will be one of the major priorities as he prepares to assume office from January 7.
In an interview with the BBC, Nana Akufo–Addo said it is critical Ghana institute policies that can quickly help deal with an economy which he believes has been on the nosedive over the past five years.
“We have to get our economy moving again, to address the problems of low growth, widespread unemployment, and huge debts because this is the reality of our situation in Ghana. And we have to deal with it,” he added.
He said if these issues are not dealt with, the country could run into all kinds of problems down the line.
In a related development, the New Patriotic Party (NPP) is promising to build a business friendly environment that will aid the growth of enterprises in the country.
This is the bedrock of the new government’s manifesto to the electorates before the December 7 elections. The NPP is also proposing to review most taxes paid by businesses.
According to the party, it is looking at reviewing the corporate tax from 25 percent to 20 percent. It is also proposing to abolish the 17.5 percent tax on financial services, and removing some import levies.
The move will obviously result in some cuts in government’s revenue.
But the NPP is quick to add that, other tax policy measures like improving upon tax compliance and expected revenue from the TEN and the Sankofa Gye Nyame Gas Project, will make up for the expected loss with these tax cuts that they are proposing.
The New government is also looking at policies that will expand the economy, which will result in a double-digit, economic growth.
On growing the economy
The NPP is also planning to implement policies that will help reduce the public debt, to appreciable levels by reducing government’s borrowings.
The party will also push for the enactment of Fiscal Responsibility law, which will lead to the creation of a Fiscal Council. This body is expected to influence revenue and expenditure programs of government.
But economist, Dr. Joe Abbey tells JOYBUSINESS setting up of these councils should be seen as the answer to current challenges facing the economy adding that, government must rather allow existing state institutions to work.
Cedi’s stability
On stabilizing the Ghana cedi firmly against the dollar, the new administration is proposing an increase domestic production and also matching the amount of cedi in circulation to the dollars in the system to firmly address challenges facing the local currency.
It is also looking at the creation of a Financial Stability Council to deal with to dealing with challenges with the financial sector.
A Nana Addo government is also looking at implementing policies that will help position Ghana as a financial services hub, which could see the establishment of offshore banking.
Source: myjoyonline
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To kojo Ndur, you said it all. Hmm the sudden death of the fante guy is shocking. God is watching all of us
The economy is already stable. Mahama has done all the heavy lifting. The economy is projected to grow by 7 percent in 2017. The only danger to the economy is your campaign promises to give almost everything free to Ghanaians.
There's nothing more you can do to the economy. Inflation is coming down, the cedibis stable, workers are paid . Stop your loes
Let's have serious discussions with serious minds and stop this pettiness. Believe it when the intellectuals and not the babies with sharp teeth and acidic tongues
So what. I am waiting for my $1 million for K.E.E.A, my free school, my dam for my Village, free healthcare, free house, free free wife if possible, my factory for my Village. However, did UP/NPP got somebody for the thank you service to Atoa Niama or not? or they used that Fante guy who die in a hotel for the thank you service or not?