Dr. Mahamudu Bawumia envisions an inclusive and transformative business environment in Ghana, focusing on empowering artisans, entrepreneurs, and SMEs as drivers of economic growth. He aims to create jobs for skilled tradespeople by reviving the Public Works Department for infrastructure maintenance, promoting local production of tools, and expanding technical and vocational training. His support for entrepreneurs includes a $100 million Fintech Fund to foster innovation in financial services and tax credits for tech start-ups, coupled with a “live lab” approach for testing digital solutions.
Dr. Bawumia will establish an SME Bank, lower electricity tariffs, and provide a predictable tax system, alongside venture funding to support sectors like healthcare and manufacturing. Through Public-Private Partnerships (PPPs), he seeks to reduce government spending while expanding infrastructure in agriculture, housing, renewable energy, and electric vehicles, creating jobs and fostering digital inclusion. His vision promotes a resilient ecosystem with accessible financing, skill-building, and infrastructure to empower local businesses, foster innovation, and drive sustainable economic transformation for Ghana’s future.
Frequently Asked Questions
Question 1: How will the gold purchase program stabilize the currency and benefit businesses?
Answer: Expanding the Bank of Ghana’s Gold Purchase Program will help stabilize the currency by using gold as a reserve. This will provide greater currency stability for businesses, making it easier to plan for imports and exports and reducing risks from foreign exchange fluctuations.
Question 2: What reforms are being introduced to electricity tariffs to support businesses?
Answer: The government plans to reform electricity tariffs to make them cheaper for businesses, especially in manufacturing and industry. This will lower operating costs, boost competitiveness, and create a better environment for business growth and investment, leading to economic growth.
Question 3: How will the flat rate tax system simplify tax administration for businesses?
Answer: Introducing a flat rate tax system simplifies taxes for businesses, especially small and medium-sized enterprises (SMEs). This makes it easier for them to calculate and meet tax obligations, reducing administrative burdens and costs. As a result, businesses can focus more on growth and innovation.
Question 4: How will the establishment of a Fintech Fund benefit Ghanaian entrepreneurs and start-ups?
Answer: The Fintech Fund, starting with $100 million, aims to attract private investment to support Ghanaian start-ups focused on innovative payment and financial services. This fund will help entrepreneurs access the capital needed to grow their businesses, boosting innovation and job creation in Ghana’s digital economy.
Question 5: What tax incentives are being proposed for start-ups to encourage growth in their early stages?
Answer: Start-ups will receive Investment Tax Credits (ITC) for their first three years, helping them reduce costs and reinvest in growth. This support aims to boost economic growth. Additionally, digitizing tax processes will make filing easier and more efficient, encouraging more people to start businesses.
Question 6: What measures are being taken to create jobs through SMEs and start-ups?
Answer: The government plans to create jobs through programs such as the SME Bank and the Growth and Opportunity Programme. These initiatives will provide financial support and resources to small and medium-sized enterprises (SMEs), helping them grow, expand operations, and create jobs for Ghanaians.
Question 7: What support will spare parts businesses receive under this policy?
Answer: Spare parts businesses will get logistical support and access to a digital marketplace, helping stabilize prices and increase sales. This will benefit small businesses in areas like Abossey Okai, Suame, and Techiman by connecting them with more buyers and resources. Small businesses will be encouraged to join the digital marketplace, boosting their visibility and sales.
Question 8: How will artisans and small business owners in jewellery-making and small-scale mining benefit from the Bawumia administration?
Answer: Small-scale miners will get access to Common-User Processing Centres to process minerals more efficiently. Small jewellery-making businesses will benefit from a Precious Minerals Incubator Programme that offers training and financial support to help them grow and improve their products.
Question 9: How will artisans and skilled workers benefit from the expansion of the Technical and Vocational Education and Training (TVET) and the Ghana Apprenticeship for All Program (GAAP)?
Answer: Dr. Bawumia’s administration will expand TVET and GAAP programs to improve artisans’ skills, making them more employable. These programs will focus on practical training in trades like plumbing, carpentry, and welding. By learning new techniques and technologies, artisans will be able to work better, earn more, and be more competitive in the job market.
Question 10: What is being done to promote local artisans in the production of processing equipment for industries like palm oil extraction and gari processing?
Answer: Dr. Bawumia’s administration will help artisans make equipment for industries like palm oil extraction and gari processing. By offering technical support and promoting local innovation, artisans will be able to produce high-quality, locally-made tools and machines. This will reduce the need for imported equipment and boost local manufacturing.
