Under the Great Speech, Dr. Mahamudu Bawumia outline several policies and initiatives designed and tailored to tackle all the sectors in the country. These Bold Solutions will seek to address the issues and problems in the country serving as lasting Panacea Ghanaians have been waiting for. Under the Economy, Dr. Bawumia outlined these twelve unique initiatives to tackle the issues affecting the sector.
1.Enhance fiscal discipline through an independent fiscal responsibility council enshrined in the Fiscal Responsibility Act, 2018 (Act 982).
2.The Fiscal responsibility Act will also be amended to add a fiscal rule that requires that budgeted expenditure in any year does not exceed 105% of the previous years tax revenue.
This policy will help in protecting the public purse and in so doing help in reducing our debt. It will give room for the improvement of other sectors and resolving other problems in the country.
3.Reduce the fiscal burden on government by leveraging the private sector.
This policy will increased efficiency, improve the use of state property, investment in the economy, and modernization of infrastructure. creating jobs, providing goods and services, and stimulating economic growth. It is an important source of tax revenue for governments.
4.Introduce a very simple, citizen and business friendly flat tax regime. A flat tax of a % of income for individuals and SMEs (which constitute 98% of all businesses in Ghana) with appropriate exemption thresholds set to protect the poor.
5.Tax amnesty
Tax Amnesty Initiative is aimed at giving a fresh start to all business and traders with regards to tax, and giving them a relief in operating their business.
6.Tema port will be fully automated
This Initiative will increased productivity and reliability, as well as decreased turnaround time for vessels. This will result in lower costs for shipping companies and faster, more efficient transportation of goods.
7.A new policy of aligning the duties and charges at Tema port to the duties and charges at Lome PortFlat rate duties for spare parts importers
8.Empower the private sector to create modern, sustainable and well-paying jobs for the youth.
The private sector will be equip and motivated into creating more sustainable and well-paying jobs for the youth. This policy seeks to reduce the rate of unemployment by collaborating with the private sector to come up with modern jobs for the youth to ensure economic growth and development.
9.No import duty on solar panels
There won’t be any tax charges on imported solar panels into the country.
10.Create Special Economic Zones in border towns
Special economic zones will be created in order to facilitate rapid economic growth by leveraging tax incentives to attract foreign investment and spark technological advancement. The main objectives of this initiative is to boost economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities along with the development of infrastructure facilities.
11.Spare parts importers duties will be at a flat rate per container (20 or 40 foot).
This initiative will incentivizes spare parts dealers to earn more because they will not be penalized by higher rates and higher tax brackets based on their income level. Additionally, a flat tax system may make filing tax returns easier.
12.Protect local industry from smuggled imports
