We’ll launch urgent economic recovery plan to revamp the economy – Mahama

The flag bearer of the National Democratic Congress (NDC), John Mahama has stated that his next administration will launch an urgent economic recovery plan to save Ghana’s ailing economy.

Addressing a gathering at the 8th Ghana CEO Summit held at Kempinski Hotel, Accra, the former President mentioned a number of actions when voted into officer his administration will undertake on Ghana’s economy.

“The number one priority will be stabilizing the economy and restoring a stable currency by launching an urgent economic recovery and fiscal consolidation plan following a national economic dialogue to be held within one hundred days of assumption of office. We will do this by pruning the huge government expenditures, preventing waste and corruption, and boosting revenues by expanding the tax net.

|We will simplify the VAT and streamline its collection. We will abolish the e-levy and some taxes that have become a burden on businesses and households. We will not burden you with endless tax audits and harass you with EOCO,” he stated.

He further stated that “We will continue digitalizing our revenue collection and payment systems. By 2028, we aim to phase out cash as a form of payment for all government services. We will also entrench the use of POS devices in transactions to make tax and levies collection more transparent. Our economy has long relied on a few key sectors, such as gold, cocoa, and, more recently, oil, which we call the Guggisberg economy.”

According to him, “Unfortunately, under this government, even cocoa, which at the end of my term in office brought in almost $2 billion in loan syndication, could barely manage $800 million last year. Oil volumes are down; these have been eight wasted years in the upstream petroleum sector with no significant development in our oil prospects.

“We will work urgently to restore our cocoa production to improve forex flow into our economy, accelerate drilling and production of oil and gas in our offshore and onshore concessions, and increase the availability of natural gas for electricity production and LPG for domestic use. We will also streamline our mineral production and exports to achieve the full benefit of this endowment.

“While these traditional sectors are essential, we must expand and invest in new areas offering opportunities for sustainable growth. These include agriculture, agri-business, tourism, light industries, manufacturing, and the creative industries.

“Diversifying our economic base can lead to more job opportunities, poverty reduction, and a more robust economy, especially within the context of the ‘Mahama 24-hour economy’. This diversification is crucial for a country with a growing youth population, as it absorbs more labor and helps reduce unemployment and underemployment rates.”

Source: Today.com.gh