Vice President and New Patriotic Party (NPP) Flagbearer, Dr. Mahamudu Bawumia, has committed to fully institutionalising the “gold for forex” programme if elected, as part of efforts to stabilize the country’s exchange rates.
Since 2021, the Bank of Ghana (BoG) has accumulated over $5 billion in gold reserves under the domestic gold purchase programme, a policy Dr. Bawumia plans to build upon.
In his 2024 Manifesto, Dr. Bawumia emphasized his intention to foster a business-friendly environment by partnering with the private sector to improve infrastructure, including roads, school facilities, hostels, and buses for educational institutions.
He also touched on a strong commitment to supporting and expanding businesses through a new tax regime designed to spur economic growth.
“To increase government tax revenue, we need to reform and refocus the Ghana Revenue Authority (GRA) to broaden the tax base. Estimates suggest that revenues amounting to 13% of GDP, or $24 billion in 2023, are not collected because people are outside the tax net,” Dr. Bawumia stated.
He added, “We want a tax regime that is easy to understand, easy to comply with, and easy to enforce, free from excessive discretion. Many individuals and businesses find our tax system cumbersome and confusing.”
The NPP entered office with the slogan “from taxation to production,” but ultimately introduced new taxes that many businesses find detrimental to their growth. As the business community navigates these new and increased tax burdens, the Vice President now pledges to establish a more efficient and equitable tax system, aiming to create a stable economic environment where businesses can flourish.
