Dr. Mahamudu Bawumia, the presidential candidate for the New Patriotic Party (NPP) and current Vice President of Ghana, has assured business leaders that his administration will prioritize the interests and growth of Ghanaian businesses.
Bawumia made this commitment during his speech at the inaugural presidential manifesto gala dinner for CEOs, held at the Movenpick Ambassador Hotel in Accra on November 7, 2024.
The event was themed “Reigniting the Business Economy: A Manifesto for Innovation, Accountability, and Sustainable Development.”
“My government will be for business,” Bawumia stated. “All I ask is for businesses to support me. A Bawumia Presidency will empower the private sector to finance, build, and lease public infrastructure, ranging from schools and homes to roads and vehicles.”
He emphasized the importance of government spending in driving growth, pledging that the NPP would strategically channel government resources to benefit the private sector. “By leveraging government purchasing power, we will create a steady flow of projects and revenue for Ghanaian businesses, leading to job creation and enhanced services,” he explained.
Bawumia also promised to facilitate long-term financing and payment options to improve efficiency and reduce waste and corruption in procurement processes.
Business-Oriented Initiatives
To support his vision for Ghanaian businesses, Bawumia outlined several policies he plans to implement if elected president:
- Increase Public-Private Partnerships (PPPs) to finance public infrastructure projects such as schools, housing, water, and roads.
- Redirect 3% of GDP (GH₵30 billion) from government expenditure towards private sector provision of infrastructure and services.
- Implement a “Buy Ghana First” policy to stimulate industrial growth by prioritizing local producers in public procurement.
- Establish an SME Bank to address the financing needs of small and medium-sized enterprises, which employ over 80% of Ghanaians, particularly women.
- Create a Women’s Trade Empowerment Fund to provide financial support for women-owned businesses.
- Offer Investment Tax Credits (ITC) for start-ups during their first three years of operation.
- Reduce electricity costs for industries by aligning commercial tariffs with or below residential rates.
- Introduce a flat rate for duties on imports and lower port charges to enhance competitiveness with regional ports, especially in Lome, Togo.
Ghana at a Crossroads
In his address, Bawumia noted that “Ghana is at a crossroads of a unique opportunity,” highlighting improvements in the economic situation as aligned with the current administration’s targets. He expressed confidence that Ghana possesses the potential to cultivate a stronger, more dynamic, and open economy.
“Every theme I’ve presented comes with actionable steps to achieve real results,” he stated, emphasizing the need for bold and pragmatic actions to foster a business-friendly environment.
He concluded by challenging the audience to hold him accountable in four years for delivering on his ambitious promises, contrasting his vision with that of his opponent. “What about my opponent?” Bawumia asked, inviting reflection on the choices facing the Ghanaian people.
