In a decisive press conference the Movement for Change (MfC) presented a comprehensive set of economic reforms aimed at stabilizing Ghana’s economy.
Spokesperson Andrew Appiah Danquah articulated the group’s concerns over excessive borrowing, over-taxation, and unchecked spending, warning that these practices are steering the nation toward a financial precipice.
At the outset, Appiah Danquah lauded President Mahama for his commitment to a lean government structure. He noted that the President’s efforts to reduce the size of government demonstrate a dedication to efficient governance and fiscal responsibility.
“We recognize and commend President Mahama for fulfilling his commitment to a lean government, which is a significant step toward prudent economic management”
Andrew Appiah Danquah, MfC Spokesperson
Proposed Economic Reforms
The MfC outlined several key policy recommendations designed to rejuvenate the economy.
The first was to overhaul the forex sector to regulate the demand and supply of foreign currency more effectively. They advocated for all foreign exchange transactions to be conducted exclusively through commercial banks and the Bank of Ghana.
Appiah Danquah also proposed tax reforms with the abolition of certain levies, including the betting tax, COVID levy, and fumigation levy, which are perceived as burdensome to businesses and individuals.
The movement further called for support for Micro, Small, and Medium Enterprises (MSMEs), stressing the importance of maintaining the current 3% flat tax rate for MSMEs with specified turnover thresholds towards fostering entrepreneurship and stimulating economic growth at the grassroots level.
The MfC recommended negotiating with Independent Power Producers (IPPs) to implement a debt-equity swap policy, to grant IPPs a stake managing government-owned energy assets, potentially leading to more efficient and sustainable energy production and distribution.
The group urged the government to offer a combination of fiscal and non-fiscal incentives to attract private sector investment in critical infrastructure projects, including roads, bridges, water supply, and sanitation services.
Addressing Corruption
Recognizing corruption as a significant impediment to progress, the MfC proposed the establishment of an independent anti-corruption body with constitutional backing and prosecutorial powers.
This office would consolidate existing anti-corruption efforts and operate free from political interference, ensuring a more robust and coordinated approach to combating the menace.
Appiah Danquah also addressed the need for political accountability, particularly concerning recent investigations by the Office of the Special Prosecutor (OSP) into allegations involving former Finance Minister Ken Ofori-Atta.
He emphasized that while these investigations are a step in the right direction, there is a pressing need for an institutionalized approach to tackling corruption.
“The tendency for the acts or omissions of selected officials to be used as a smear campaign against all politicians must be frowned upon,” he asserted.
In light of recent political tensions, the MfC appealed to the Minority in Parliament to demand accountability without resorting to disruptive actions that could destabilize governance.
Appiah Danquah urged for constructive engagement and dialogue to address grievances, emphasizing that the nation’s progress hinges on collaborative efforts across the political spectrum.
The Movement for Change’s press conference underscored a commitment to pragmatic solutions aimed at revitalizing Ghana’s economy.
By commending President Mahama’s strides toward a lean government and proposing actionable reforms across various sectors, the MfC has positioned itself as a proactive advocate for sustainable development and good governance.
The onus now lies on policymakers to consider these recommendations and work collaboratively toward their implementation for the betterment of the nation.
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