The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has pledged his unwavering dedication to the success of indigenous businesses within the country.
Under his leadership, the opposition leader proffers to among other things reorient the operation of the Ghana EXIM bank, which he stressed has been riddled with abuse of funds due in non-core activities.
“When I established the Ghana EXIM Bank in 2016, my dream was for the bank to promote exports and create jobs. I did not envisage the current lack of transparency in the disbursement and flagrant abuse of the funds of the bank on non-core activities to the neglect of many core and legitimate viable business plans; some from many hardworking young Ghanaians.
“I will re-focus the operations of the EXIM bank, back to its core mandate of promoting businesses. The EXIM Bank under my watch, will in addition to other funding streams support agriculture and agribusinesses for both the domestic and export markets through the creation of agro-production and processing zones in all major crop producing areas across Ghana.”
“The future looks good for Ghanaian indigenous businesses”.
Issues of taxes which have been an insurmountable bane for most businesses within the country and advertently impedes most business were harped on by Mr. Mahama, pledging tax reliefs.
“My dear entrepreneurs, we want you to locate some of your businesses in rural areas where the raw materials are produced. You will create jobs and help address rural urban migration. Therefore, we will introduce a Rural Investor Incentive (RII) to motivate you to do just that.
“Under the RII we will exempt you from dividend and capital gain tax and provide additional special tax incentives for indigenous value chain entrepreneurs in mineral processing, petroleum-based, agro-based, and pulp and paper-based industries.
“We shall introduce a special tax incentive to Ghanaian businesses in the Export-Oriented Industries (EOI) to stimulate exports, propel the Shipping Industry to make Ghana a world-class cargo hub on the West African coast (similar to Singapore).
According to him, his administration has done it before “without pomp and pageantry and we will do it even better!”
“Under our programme to create 250,000 jobs every year – one million jobs in four years – Ghanaians will be given advantage in the financial sector, construction, energy, agriculture and agribusiness, ICT and other sectors.
“We shall strengthen the regulatory framework, restore and work actively to increase the indigenous Ghanaian stake in the financial sector, especially in the banking, microfinance and savings and loans enterprises. This will also restore lost jobs”.
Mr. Mahama stressed that, his administration “shall put Ghanaian businesses at the centre of economic growth” because it is only when “Ghanaian businesses thrive that our economy can grow and create jobs and prosperity for all”.
“Mere GDP growth is not sufficient unless the proceeds stay in our country and benefits Ghanaians. This is especially important because a significant percentage of Ghana’s economy is controlled by foreign entities, leading to huge outflows of capital.
“We have to create more opportunities for Ghanaian businesses in order to staunch this bleeding and retain more within, in order to create the multiplier effect that will allow for an accelerated economic take off. We started it before, and we will make it even better. We provided support to the Pharmaceutical Industry”.
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