Election 2024: NPP offers superior economic policies

The New Patriotic Party (NPP) has touted its 2024 Manifesto as a comprehensive plan to revitalize Ghana’s economy and propel the nation towards sustained growth.

Speaking at a press conference at the NPP Headquarters in Accra on Wednesday, November 13, 2024, the party’s Director of Communication, Richard Ahiagbah, emphasized the NPP’s superior economic proposals, which he said would stabilize and grow the economy while leveraging digital advancements.

“The NPP’s 2024 Manifesto offers Bold Solutions for jobs and business. Its ideas are forward-looking, aiming to stabilize and grow the economy, leveraging the digital revolution to make Ghana competitive,” Ahiagbah stated.

He noted that the NPP’s economic strategies are designed to capitalize on the opportunities presented by the Fourth Industrial Revolution, asserting that they would drive long-term national development.

Proposals

According to Mr Ahiagbah, the NPP’s policy proposals have been extensively analyzed and endorsed by economic experts, who find them “relevant, workable, and effective” for ensuring economic stability in the immediate term.

He underscored the importance of these solutions, which he believes are crucial to sustaining Ghana’s economic recovery and laying the foundation for widespread prosperity.

“Dr Bawumia and the NPP’s Bold Solutions for the economy have been widely discussed and found by experts to be relevant, workable, and effective in sustaining the economic recovery and delivering a stable economy for Ghanaians in the immediate term,” he added, stressing the credibility and feasibility of the NPP’s proposals.

Mr Ahiagbah also urged Ghanaians to support the NPP and its presidential candidate, Dr Mahamudu Bawumia, in the upcoming December 7 elections. He emphasized that the economy should be the primary focus of voters, as the NPP presents the best policy options to drive growth and improve living standards.

“We should vote for Dr Bawumia and the NPP to implement these widely accepted policy ideas to stabilize and grow the economy. The economy is everything to vote for on December 7, and Dr Bawumia and the NPP offer the right policy solutions to boost growth and prosperity for Ghanaians,” Ahiagbah remarked.

The NPP’s vision, he explained, is grounded in leveraging digital technologies to enhance economic competitiveness and create sustainable employment opportunities. The party remains confident that its comprehensive approach will position Ghana as a formidable player in the global economic landscape.

Commendation

He indicated: “We want to commend the NPP Parliamentary party, led by Hon. Alexander Afenyo Markin, for their spirited defense of the 1992 Constitution. We commend the Supreme Court for its service to the nation.

I want to echo the words of the Majority Leader, Hon. Alexander Afenyo Markin: this is not a victory for one side and defeat for another, but rather, a triumph for our democracy and the rule of law. Now, let’s get back to work”

He indicated that NDC campaign has consisted mainly of insults led by its flagbearer, H.E. John Mahama, and an outright refusal to debate the economy to help Ghanaians make an informed decision on December

“As things stand, with 24 days or so to the elections, Ghanaians are confused about the NDC’s plan to grow Ghana’s economy. They propose a catchy phrase, 24-hour economy, but they cannot explain it. The NDC is running an empty slogan campaign. We return later to the 24-hour economy proposal,” he said.

He stressed that Dr Bawumia and the NPP’s Bold Solutions for the economy have been widely discussed and found by experts to be relevant, workable, and effective in sustaining the economic recovery and delivering a stable economy for Ghanaians in the immediate term.

The NPP Director of Communication explained that Dr. Bawumia’s bold economic solutions focus on several key areas: sustaining and expanding Ghana’s recovering economy, creating jobs, implementing comprehensive tax reforms, building Ghana into a world-class digital economy, reducing the cost of living, and enhancing public infrastructure. He said, these initiatives, address the urgent challenges of economic growth and jobs for the youth of Ghana.

Bawumia’s Bold Solutions

He stated that the economy has rebounded strongly since we turned the corner in 2023. “The average growth of the first two quarters of 2024 is 5.8 percent, 4.8 percent, and 6.9 percent, respectively. The IMF projects a 4 percent real GDP growth for 2024, but at this rate, the economy will likely expand beyond the projected 4 percent. Ghana is on track to outperform the IMF’s 3.6 percent growth projection for the Sub-Saharan region”.

Ahiagbah mentioned that Dr Bawumia proposes to accelerate the growth and expansion of the economy over the next four years. “Under President Nana Addo Dankwa Akufo-Addo, we increased the size of the Ghanaian economy by US$20 billion since 2016, from US$56 billion to US$76 billion by the end of December 2023. Dr. Bawumia’s Bold Solutions would likely double the size of Ghana’s economy as President”.

He added that Bawumia aims to “achieve and sustain an average growth of 6% by expanding agriculture, mining (including establishing a Minerals Development Bank), the 1D1F initiative, emerging industries, digital hubs and services, sports, tourism, and the creative arts”.

“Enhance public-private partnerships (PPPs) as a primary funding model for public infrastructure projects. Establish an independent Fiscal Responsibility Council to oversee fiscal policy. Amend the Fiscal Responsibility Act to add a new fiscal rule requiring that expenditure in any year not exceed 105% of the previous year’s tax revenue,” he outlined.

Broad tax reforms

Mr Ahiagbah said Bawumia will offer a one-time tax amnesty to all Ghanaians and corporate entities through tax amnesty from the payment of taxes from the previous years. He indicated that the waiving of interest and penalties for failure to file taxes in previous years will enable everyone to start their tax journey afresh. It will “wipe the slate clean” for all taxpayers in Ghana.

He added that Bawumia will introduce a flat rate tax system in Ghana, like Estonia. This he said, will simplify the tax administration by giving taxpayers visibility into their tax obligations, making it easier to file and pay their taxes; reform the Value Added Tax regime by merging all levies into a single line-item levy and treating the merged levy as part of input and output VAT to eliminate the cascading effect in the current regime.

The policy he said will also help to reduce withholding Tax (WHT) for small-scale gold exports to 1% to discourage smuggling; abolish the Betting Tax; incentivize Ghanaian start-ups in selected strategic sectors with Investment Tax Credits (ITC) for the first of their operations; digitize all aspects of tax administration to reduce leakages and improve efficiency and ease of filing; complement a Flat Rate for all importers, bringing predictability and stability of imported goods; harmonize port charges to align with charges in competing regional ports, particularly Togo.

He added that duties at our ports will be the same or lower, and broaden the tax base by leveraging digitalization to capture more eligible taxpayers to reduce the pressure on the few.