Dr. Mahamudu Bawumia’s ambitious economic plan includes the establishment of Special Economic Zones (Free Zones) at key border towns such as Aflao, Paga, Elubo, Sampa, and Tatale. These zones are envisioned as hubs for industrial activity, designed to enhance economic output, promote exports, and reduce smuggling. By collaborating with the private sector, these zones will offer businesses favorable conditions to operate, such as tax incentives and streamlined regulations, making them attractive to both local and international investors.
The creation of these zones is aimed at catalyzing economic activity in border towns, which have historically been underdeveloped. By concentrating industrial efforts in these regions, Bawumia’s administration hopes to stimulate job creation, enhance cross-border trade, and generate economic growth in areas that have not traditionally been industrialized. The increased exports and reduced smuggling would contribute to a stronger national economy, while the jobs created would help alleviate poverty in border communities.
In addition to these economic zones, Bawumia has prioritized the digitalization of land titling and registration as a critical reform. By fully digitizing the land registration process, property owners will be able to use their assets as collateral to secure financing for business growth. This reform is expected to remove one of the significant barriers to accessing capital, empowering more entrepreneurs and businesses to expand.
Lastly, Bawumia’s plans to reform the licensing regime for the small-scale mining sector and establish a Minerals Development Bank show his commitment to growing the mining industry. The reduction of minerals export taxes to 1% aims to curb illegal gold smuggling, while the Minerals Development Bank will provide crucial financing to local mineral projects and small-scale miners. This combination of reforms is expected to formalize the small-scale mining sector, promote sustainable mining practices, and increase revenue generation for the nation.
