Bawumia Presents 17-Point Strategy to Enhance Business Growth and Private Sector Development.

Accra: Dr. Mahamudu Bawumia, the Vice President and Flagbearer of the New Patriotic Party, has reiterated his commitment to creating a friendly economic environment for businesses and the private sector to thrive. That, he said, would drive the transformation of the economy under his presidency. At a special dinner in Accra, which brought together CEOs of companies and other key players in the private sector, Dr. Bawumia emphasized the indispensable role of the private sector in economic growth.According to Ghana News Agency, Dr. Bawumia outlined a 17-point plan aimed at revitalizing the private sector to achieve an expected GDP growth rate of 5.6%. Central to his plan is a new tax regime that he claims will alleviate the current burdens on businesses. Plans include a tax amnesty to provide a fresh start for those who failed to file taxes in previous years, and the introduction of a flat tax rate to simplify compliance and enforcement.Dr. Bawumia also suggested electronic tax filing to improve efficiency and transparency, thereby reducing corruption. Further, he plans to empower the private sector to undertake public infrastructure projects, offering them the opportunity to finance, build, and rent or lease-to-own infrastructure to the government. This initiative aims to leverage government purchasing power to stimulate industrial expansion and job creation.Additional proposals include increasing Public-Private-Partnerships (PPPs) to finance public infrastructure, cutting government expenditure by 3% of GDP to redirect towards private sector projects, and establishing an SME Bank to support small and medium enterprises. A Women's Trade Empowerment Fund is also proposed to assist women-owned businesses.Other points in his strategy include offering investment tax credits to start-up companies, reducing electricity costs for industries, and introducing a flat rate system of duties for importers. Dr. Bawumia also plans to lower port charges to enhance competitiveness.Innovative measures like the launch of G hana's first individualized credit scoring regime, "MyCredit Score," aim to increase domestic demand and production. A Fintech Fund with seed capital of US$100 million and venture funding for tech projects are also part of his vision to drive high-tech entrepreneurship in Ghana.Completing digitalization of land titling is another aspect of his plan, allowing property owners to leverage their assets for business expansion. Dr. Bawumia concluded by assuring the CEOs of his dedication to sustainable development and urged them to be cautious of short-term solutions. He emphasized the importance of sustainable progress to cater to the needs of the nation's young population and ensure long-term prosperity.