The National Democratic Congress (NDC) has announced a plan to ‘reset’ Ghana’s business sector, aiming to restore investor confidence and alleviate financial pressures on businesses if they win the 2024 general elections.
During a press briefing on Tuesday, September 2, Saajida Shiraz, the NDC’s Sectoral Spokesperson for Business Development, outlined the severe challenges facing Ghanaian businesses under the New Patriotic Party (NPP) government.
She criticised the adverse effects of high taxes, steep depreciation of the exchange rate, rising interest rates, and increasing utility tariffs on both businesses and livelihoods.
Shiraz emphasised that these economic pressures have significantly impacted the business environment and overall well-being of Ghanaians, highlighting the NDC’s commitment to addressing these issues and fostering a more supportive economic climate.
“The incoming John Mahama-led NDC government, members of the press, in response to these exigent issues, thus sets out to create a congenial business atmosphere and restore investor confidence, and to expand the indigenous entrepreneurial class by supporting Ghanaian owned and led businesses for job creation,” part of the statement read.
Shiraz outlined several key measures proposed by the NDC, emphasising that the next government would prioritise creating a favourable business environment, rebuilding investor confidence, and expanding the entrepreneurial sector.
These measures include easing the tax burden by eliminating the COVID levy, E-levy, and emissions levy; rationalizing import duties; and offering tax incentives, financing support, and reliable power through the “24-Hour Economy” initiative.
Additionally, the NDC plans to launch a “MADE-IN-GHANA AGENDA” to promote the production and consumption of locally-made goods, as well as an “EXPORT GHANA POLICY” to enhance the competitiveness of Ghanaian products in international markets.
Below is the full statement by Saajida Shiraz
HIGHLIGHTS OF THE NDC’S POLICIES ON BUSINESS DEVELOPMENT PRESENTED BY HAJIA SAAJIDA SHIRAZ AT THE SECOND EDITION OF THE PARTY’S PRESS BRIEFING ON ITS 2024 MANIFESTO
Ladies and Gentlemen of the Press,
Citizens of Ghana,
The NDC 2024 manifesto which seeks to RESET Ghana, as you know, is anchored on Jobs, Accountability and Prosperity! This makes business development for jobs a priority for the incoming NDC government.
Ladies and Gentlemen, we all bear the brunt of the unprecedented crisis Ghanaian businesses are facing.
We’ve seen the impact the obnoxious taxation, steep exchange rate depreciation, high interest rates, import duties and utility tariffs have had on Ghanaian livelihoods, businesses and jobs.
The expropriation of the investment proceeds of Ghanaian businesses under the NPP Debt Restructuring Programme, for instance, has led to the collapse of several Ghanaian businesses and caused significant job losses and despair.
We see this! We live this! As we say in Dagbong: sama n)li.
The incoming John Mahama-led NDC government, members of the press, in response to these exigent issues, thus set out to create a congenial business atmosphere restore investor confidence, and expand the Indigenous entrepreneurial class by supporting Ghanaian-owned and led businesses for job creation.
We commit to ensuring a stable monetary and macroeconomic environment for businesses to thrive.
We will:
• Ease the tax burden on businesses by scrapping the COVID levy, E-levy, and the emissions levy among others;
• Rationalize import duties, fees and charges to reduce the cost of doing business;
• Provide tax incentives, financing support, security services, and cheaper and reliable power for businesses under the 24-hour Economy;
• Provide tax breaks and low-cost financing for strategic start-ups and Micro Small Medium Enterprises (MSMEs).
▪ Exempt new small businesses from paying corporate and personal income tax for the first two years after incorporation.
• Provide agro-production support services for MSMEs by linking them to our Agro-Industrial Zones, and
• Enhance the role of EXIM Bank in financing non-traditional exports and international trade generally.
To promote the production and consumption of made-in-Ghana goods, fellow citizens, we will implement a “MADE-IN-GHANA AGENDA”.
Under this initiative, we will leverage the government’s spending power for the procurement of made-in-Ghana goods and undertake public education campaigns to re-orientate citizens to patronize made-in-Ghana products.
We will also launch an “EXPORT GHANA POLICY” to expand access to markets for made-in-Ghana goods under the African Continental Free Trade Area Agreement (AfCFTA) regime and other external trade programmes.
Under this policy, we will promote quality assurance standards and strategic partnerships and networking to enhance the competitiveness of Made-in-Ghana products on the international market; and diversify Ghanaian exports by expanding our export offerings, promoting strategic products and ensuring value addition.
To mitigate gendered barriers to entrepreneurship for Ghanaian women, we will establish a WOMEN’S DEVELOPMENT BANK to support women-led and women-owned businesses with low-interest loans and other tailored financial services on very flexible terms.
We will implement the “Adwumawura’’ Programme: a special business start-up policy aimed at facilitating the creation, tracking, and mentoring of a minimum of 10,000 businesses annually with a special focus on young people.
Through our National Apprenticeship Programme, we will provide free technical and vocational training for young people in various crafts, and in addition to certification, support apprentices with start-up capital and equipment to set up businesses.
Fellow citizens, the next NDC government will implement comprehensive and far-reaching reforms under our Ghana Framework for Industrialization, Revitalisation, Support and Transformation (Ghana FIRST) flagship programme.
Under this programme, we will accelerate manufacturing growth for economic development and jobs, empower domestic trade to drive national prosperity, promote exports to expand global market reach, structure and formalise the informal economy for sustainable economic development, and enhance the business environment for seamless operations.
Ladies and Gentlemen, in addition to all these, we will:
• review the Customs (Amendment) Act, 2020 (Act 1014) to scrap the law banning the importation of salvaged vehicles to save the local automotive industries at Suame Magazine, Kokompe, Abossey Okai, among others, from collapse;
• leverage green technologies for entrepreneurship by promoting the assembly and use of electric vehicles and clean energy for commercial and residential use;
• reduce bureaucracies, promote transparency, simplify administrative and regulatory processes, and uphold the rule of law to create a friendly investment climate;
• promote capacity-building in entrepreneurship to enhance the management and profitability of businesses in Ghana; and
• revitalize Business Development Centres in all districts in Ghana to support local business development and growth.
Fellow Ghanaians, the next NDC government recognizes the significance of private sector expertise and investments, and will leverage these to:
• promote technology-based businesses, such as app development, e-commerce platforms, Fintech and other digital services;
• establish strategic organic waste-processing plants for energy and fertilizer production in partnership with the private sector;
• set up manufacturing units for consumer goods, textiles, and building materials;
• facilitate the manufacturing of simple and power tools; and
• enhance transportation and logistics services within the country and sub-region.
We will facilitate investment opportunities and create platforms for diaspora communities to contribute their expertise to local projects, enhancing economic growth, and fostering sustainable development initiatives.
We will also facilitate and catalyse Foreign Direct Investments by streamlining regulatory regimes, ensuring a stable macroeconomic environment, and improving the ease of doing business.
The policies presented to you today, fellow citizens, are by no means exhaustive and I will entreat us all to engage with the full 2024 Manifesto on RESETTING GHANA to read how the incoming NDC government proposes to improve the business ecosystem.
Ladies and Gentlemen of the Press, to conclude however, permit me to summarise and re-echo President John Dramani Mahama’s commitments to the Ghanaian people:
• President John Mahama promises that, under his government, businesses will thrive.
• He guarantees, that every Ghanaian, regardless of age, ethnicity, religion, or how they vote, will have fair access to public support services.
• That, under his government, women, who are the backbone and nurturers of our economy, will have access to financing.
• He pledges, that there is great opportunity for private enterprise growth, and that, if you can conceive it, the next government under his leadership will support you to achieve it.
The victory of the NDC is surely coming again.
SIGNED.
Hajia Saajida Shiraz
Sectoral Spokesperson- Business Development
