Dr. Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), has said he will reduce government expenditure and redirect the fund to support the private sector.
Speaking at the launch of the party’s manifesto in Takoradi, in the Western Region, Dr. Bawumia pledged to reduce government expenditure by 3% of GDP if elected in the 2024 general elections.
“We will support businesses to drive and accelerate job creation by cutting 3% of GDP from government expenditure, approximately GH₵30 billion, and redirecting it towards private sector provision of public infrastructure and services,” he stated.
He also promised to bring back the flat-rate value added tax system that his government abolished and modeled after Estonia’s approach.
He said that this initiative is aimed at streamlining tax administration, offering taxpayers greater transparency regarding their tax responsibilities. He also pointed out that a flat-rate system would simplify the process for businesses to file and pay their taxes, which in turn would stimulate growth.
The cedi has seen one of the worse performances in recent years as Head of the Economic Management Team. It has lost over 21% of its value against the dollar this year and worse depreciation last year. However, he is promising to ensure a stable currency if elected.
“Using our tried and tested gold purchase programme, we will stabilize the currency, give businesses and industries predictability in planning, and ensure stability in input prices.”
