Dr. Mahamudu Bawumia, Vice President and flagbearer of the New Patriotic Party (NPP), is placing significant emphasis on supporting small and medium enterprises (SMEs) in Ghana through strategic financial incentives. Recognizing the critical role that start-ups play in driving innovation and economic growth, Bawumia’s administration plans to offer Investment Tax Credits (ITC) to Ghanaian start-ups during their first three years of operation. These credits are designed to ease the financial burden on new businesses, allowing them to invest in growth and expansion.
The ITC will be targeted at start-ups in strategic sectors such as technology, agriculture, and manufacturing, encouraging entrepreneurship in areas that can have a lasting impact on the economy. This initiative aligns with Bawumia’s broader vision of a digitalized, self-reliant Ghana, where businesses can thrive in a supportive environment. By fostering a culture of innovation, these tax credits are expected to unlock new opportunities for young entrepreneurs and strengthen the country’s business landscape.
Complementing the ITC, Bawumia has also proposed the establishment of an SME Bank to cater specifically to the financial needs of small and medium enterprises. The SME Bank would offer tailored financial products, making it easier for these businesses to access capital for expansion. Given that SMEs employ over 80% of the Ghanaian workforce, this initiative is expected to have a widespread impact on job creation and poverty reduction.
With these initiatives, Bawumia’s administration seeks to build a robust entrepreneurial ecosystem that supports start-ups and SMEs in becoming competitive players in both local and international markets. By focusing on tax relief and access to financing, these policies are poised to empower the next generation of Ghanaian businesses.
