The leader of the New Patriotic Party (NPP) has reaffirmed his determination to reorient development priorities away from social interventions—a defining feature of the government led by Akufo-Addo—and toward supporting the private sector and enterprises.
He asked for their opinions on Wednesday during a discussion with the Ghana Chamber of Commerce and Industry in Accra, as the manifesto committee is formulating concepts for the 2024 elections.
Dr. Bawumia highlighted the need for a transformative strategy and argued for creative tactics to advance the nation.
“We need to be transformational. And so, we need to be taking decisions that will transform the country. And I don’t believe going forward, we are going to be doing the same things. I want us to do new things. I want us to do things we have not done before.
Highlighting a shift in focus, he stated, “In our first couple of terms in office, we have focused as a government a lot more on social interventions. But now I want us to move the focus to business and the private sector.”
IThe Ghana Chamber of Commerce and Industry responded by pleading with Dr. Bawumia to take a number of actions, such as eliminating some levies, such the COVID-19 levy, lessening government competition with companies seeking loans from local banks, and dealing with inconsistent power supply problems.
The Chamber’s President, Dr. Clement Osei Amoako, underlined the significance of closing the budget deficit in order to avoid unfair competition with the private sector for financial resources..
“There should be a significant reduction in budget deficit to prevent competition with the private sector for funds. Given the prevailing economic condition and tight monetary policies, further attempts to compete with the private sector for funds in the domestic money market will introduce significant distortion in our economy.
“That the chamber supports your proposition to amend the fiscal responsibility act to add a fiscal rule that requires a budgeted expenditure in any year does not exceed 105% of the previous year tax revenue.”
