Bawumia Unveils 9 Incentives To Boost Local Businesses

Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia has vowed to create a more business-friendly environment if elected president of Ghana on December 7, 2024.

Presenting the party’s 2024 manifesto in Takoradi on Sunday August 18, 2024, Dr. Bawumia emphasised his commitment to supporting and expanding businesses, particularly the private sector.

He outlined plans for a new tax regime under his administration, specifically designed to foster business growth and stimulate economic development.

These incentives are as follows:

a. Offering Investment Tax Credits (ITC) to incentivize Ghanaian start-ups in strategic sectors during their first three years of operation.

b. Introducing a Flat Rate for all importers to bring predictability and stability to the pricing of imported goods.

c. Harmonizing port charges to align with those of competing regional ports, particularly in Togo, ensuring that duties at Ghanaian ports are the same or lower.

d. Utilizing the government’s purchasing power to stimulate industrial expansion and business growth by implementing a “Buy Ghana First” policy, where public sector procurement prioritizes locally produced goods and services.

e. Reforming electricity tariffs to establish a structure where commercial rates are equal to or lower than residential rates, ensuring affordable power for industries and businesses.

f. Establishing an SME Bank to address the specific financing needs of small and medium enterprises, which employ over 80% of Ghanaians.

g. Reforming the licensing regime for the small-scale mining sector, reducing the minerals export tax to 1% to curb gold smuggling, and establishing a Minerals Development Bank to finance viable local mineral projects, small-scale miners, and Ghanaian mining services firms.

h. Completing the digitalization of land titling and registration, enabling property owners to use their assets as collateral to raise capital for business growth and expansion.
unapparelled luxury.

i. Creating Special Economic Zones (Free Zones) in collaboration with the private sector at major border towns such as Aflao, Paga, Elubo, Sampa, and Tatale to enhance economic activity, increase exports, reduce smuggling, and create jobs.