Former President John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has promised to adjust Ghana’s agreement with the International Monetary Fund (IMF) to mitigate the impact of its conditionalities on the populace.
While assuring that his government would not cancel the IMF program, Mahama emphasized the importance of reducing its adverse effects to ensure economic stability and progress.
During his maiden media encounter ahead of the 2024 General Election, Mahama highlighted his extensive experience and strategic policies aimed at resetting Ghana’s economy within a four-year term if elected.
Although he acknowledged that four years may not be enough to fully transform the country, he stressed prioritizing economic stability and strengthening the local currency to alleviate economic hardships.
Mahama presented his comprehensive plan to stabilize and rejuvenate Ghana’s economy, aiming to convince voters that his leadership will bring necessary changes to improve the nation’s economic prospects and enhance the quality of life for all Ghanaians.
He outlined a vision for reducing dependency on imports through increased local production, easing pressure on the local currency.
He proposed a 24-hour economy focused on local production to meet domestic demand and capitalize on the African Continental Free Trade Area Agreement for exports to other African nations.
“Companies that will participate in the 24-hour economy will receive some tax incentives. We have to boost our local production and create jobs for our young people. The Government has some obligations to make this work, and we will do that,” Mahama stated.
Addressing the nation’s economic challenges, Mahama promised that his administration would prioritize prudent management of state resources and fiscal discipline.
He proposed establishing a special committee to audit all government procurement exceeding five million dollars and allocating annual funds to complete abandoned projects before investing in new ones. He also emphasized revamping the cocoa sector to increase production and boost foreign exchange earnings.
Additionally, Mahama pledged to abolish certain taxes he described as burdensome, including the COVID-19 Levy and E-Levy, and to explore other measures to increase revenue.”We will take the nuisance taxes out, streamline the taxes, as well as expand the tax net,” he said, adding that his administration would also rationalize port levies.
Emphasizing the importance of fiscal discipline, Mahama vowed to address exchange rate fluctuations, which have significantly affected businesses and the cost of living in Ghana.
“We would instill fiscal discipline because eventually, the main driver of the economy is fiscal discipline and fiscal consolidation. If you only want to ramp up revenues, but you’re not willing to cut expenditures, then you have a situation where your budget deficit is out of kilter,” he explained.
Lastly, Mahama stated unequivocally that his administration would not tolerate the acquisition of state assets by government officials, ensuring transparency and accountability in governance.
