Dr. Bawumia announces nine incentives to support business growth

Vice President and Flagbearer of the NPP, Dr. Mahamudu Bawumia, stated that his government will prioritize strengthening businesses, especially SMEs, to enhance growth, boost the economy, and create jobs.

During the launch of the NPP’s 2024 Manifesto in Takoradi on Sunday, Dr. Bawumia emphasized delivering bold solutions for businesses and jobs.

As part of this initiative, he unveiled business-friendly policies, including a favorable tax regime and direct incentives to support business growth.

The incentives announced by Dr. Bawumia’s government include:

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

b. Implementing a flat rate for all importers to ensure stability and predictability in the prices of imported goods.

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

d. Introducing a “Buy Ghana First” policy to use the government’s purchasing power to stimulate industrial expansion and job creation by prioritizing locally produced goods and services.

e. Restructuring electricity tariffs to ensure that commercial rates are equal to or lower than residential rates to support industries and businesses.

f. Establishing an SME Bank to address the unique financing needs of small and medium businesses that employ over 80% of Ghanaians.

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

h. Completing the digitalization of land titling and registration to allow property owners to use their land as collateral for business growth.

i. Establishing Special Economic Zones (Free Zones) in collaboration with the private sector in major border towns like Aflao, Paga, Elubo, Sankasi, and Tatale to boost economic activity, increase exports, reduce smuggling, and create jobs.