A MINDSET OF POSSIBILITIES

We must have a mindset of possibilities and not impossibilities. The challenges we must overcome as a country are too important to let our political differences derail us. There is a critical failure of mindset that manifests itself in the absence of core values, patriotism and principles within our society. We need to invigorate the can-do spirit of the Ghanaian to believe that we can even do better than we ever imagined if we put our minds to it. For example, our students from Mamfe Girls and Prempeh College have won international robotic competitions against their peers in the US, Germany and South Korea. We must apply the same mindset of beating the world in robotics, Sing-a-Thons and Cook-a-Thons to every sphere of activity. We must believe IT IS POSSIBLE!!!. This must be inculcated in our children from home and in school. This is why we are going to introduce a growth mindset curriculum to help students build critical skills such us problem solving, risk taking, opportunity spotting and design thinking.

SUSTAINED MACROECONOMIC STABILITY

Ladies and Gentlemen, a major goal of my government would be to attain and sustain macroeconomic stability with low inflation, low interest rates, exchange rate stability and low budget deficits.

PRUDENTLY MANAGING GOVERNMENT EXPENDITURE, INCREASING REVENUE AND LEVERAGING THE PRIVATE SECTOR

• To sustainably reduce the budget deficit and interest rates, my government will enhance fiscal discipline through an independent fiscal responsibility council enshrined in the Fiscal Responsibility Act, 2018 (Act 982). The Fiscal responsibility Act will also be amended to add a fiscal rule that requires that budgeted expenditure in any year does not exceed 105% of the previous years tax revenue. This will prevent the experience of budgetary expenditures based on optimistic revenue forecasts which don’t materialize.

• Furthermore my government will reduce the fiscal burden on government by leveraging the private sector. Under the two-term administration of His Excellency Nana Akufo-Addo’s government, we have put in place many social safety nets like free SHS, Free TVET, etc. With all these social safety nets in place, my government will now focus on jobs, and wealth creation by the private sector for all Ghanaians. My administration will incentivize the private sector to complement government in the provision of many infrastructure and other services to reduce government expenditure and improve maintenance.

• The private sector will be encouraged to build roads, schools, hostels, and houses for government to rent or lease to own.  The demand for roads construction is massive and this has historically placed a huge burden on the budget. I believe that the private sector should finance the construction and maintenance of roads through PPP concession arrangements . Also, government will move towards leasing rather than purchasing vehicles, printing equipment, etc. The private sector will have the responsibility for maintaining the equipment. With this approach, the budget can save very significant outright cash expenditure annually from various items across different Ministries, Departments and Agencies. This policy will energize the private sector and create many jobs.

• Enhancing the role of the private sector along with fiscal and administrative decentralization, improving our systems and the way our institutions function will lead to greater efficiency, cutting waste and ensuring value for money in procurement. The move towards the private sector provision of many public services would create fiscal space of at least 3% of GDP annually. This represents a major paradigm shift. Additionally, an efficient system of governance will require even fewer ministers. Therefore, I would have no more than 50 ministers and deputy ministers.

A NEW TAX SYSTEM

• To increase government tax revenue, we have to reform and refocus the Ghana Revenue Authority (GRA) towards broadening the tax base. Unfortunately, the pressure that is placed on GRA staff to collect revenues makes them focus on existing tax payers. Sometimes they even have to go to sit in peoples shops to monitor sales (a process known as invigilation). In fact, many businesses feel harassed by this process and the constant audits of their operations. This has to stop. We must strike the right balance between collecting revenue and allowing businesses to thrive. Our job is to protect the productive forces.

• Estimates suggests revenues amounting to 13% of GDP (or $24 billion in 2023) are not collected because people are outside the tax net. Even collecting half of or a quarter of this annually will be a game changer for public finances. To do this, we need to inculcate and enforce a culture of people filing their tax returns. Incentives must be provided to encourage people to file their tax returns even if they will pay zero taxes. We need a fresh start.

• The current tax regime has been with us since independence, and it has failed us. Many people do not pay taxes (including property taxes). Too much discretion results in corruption. We want a tax regime that is easy to understand, easy to comply with and easy to enforce and that is not subject to so much discretion. Many individuals and businesses find our tax system cumbersome and confusing and many feel harassed by the GRA

• My administration will introduce a very simple, citizen and business friendly flat tax regime. A flat tax of a % of income for individuals and SMEs (which constitute 98% of all businesses in Ghana) with appropriate exemption thresholds set to protect the poor. With the new tax regime, the tax return should be able to be completed in minutes! We will also simplify our complicated corporate tax system and VAT regime.

• To start the new tax system on a clean slate, my government will provide a tax amnesty (i.e. a complete exemption from the payment of taxes for a specified period and the waiving of interest and penalties) up to a certain year to individuals and businesses for failures to file taxes in previous years so that everyone will start afresh

• Tax digitalization will be implemented across all aspects of tax administration. Everyone will be required to file a very simple tax return electronically through their mobile phone or computer. There will be no manual or paper filing of taxes. Faceless assessments will provide transparency and accountability. There will be no need for GRA to send officers to go sit in shops. E-invoicing, as being implemented by the GRA will be extended to all companies. Estonia, India and Mexico provide very useful models for Ghana in the area of tax digitalization.

• Any audits by GRA would also be done electronically and facelessly by GRA. Furthermore, no entity would be audited more than once in five years unless anomalies are detected which the individual or company does not correct after being given the opportunity to do so.

• We will amend the law such that if there is a dispute about tax assessment, a binding arbitration will take place through a body constituted by institutions such as the Ghana Arbitration Center, Institute of Taxation, AGI, Institute of Chartered Accountants, PEF, and Ghana Employers Association with a mandate to resolve any appeal in a maximum of three months. This will not affect companies who by their agreements have such arbitrations taking place in international jurisdictions

• With cuts in government expenditure, the private sector undertaking expenditure that would normally be done by government and the new tax regime that will enhance compliance, broaden the tax base, and increase tax revenue, the situation we are going to face in 2025 is going to be very different from the situation we faced in 2020 and 2022. With the policy measures implemented thus far, we have outperformed the IMF fiscal deficit target of 5% of GDP by attaining a fiscal deficit of 4.2% in 2023. The new policies that I am proposing to implement in 2025 will give us the fiscal space to eliminate some taxes such as the VAT on electricity (if still on the books), the emissions tax and the betting tax without compromising our deficit target

REDUCING THE COST OF LIVING

• Ladies and Gentlemen, a major priority of my government will be to reduce the cost of living. The cost of living in the world has increased massively following the COVID pandemic and the Russia-Ukraine war. Global inflation increased from 1.55% in 2016 to 8.27% at the end of 2022 (a five fold increase!). In particular, the increase in the cost of living has been driven by increases in food prices, energy prices, housing (rents) and transport prices. Any attempt to reduce the cost of living on a sustainable basis must therefore tackle agriculture, energy, housing and transport prices and that is what I am going to do.

• I want a Ghana where we attain food security through the application of technology and irrigation to commercial large scale farming.  We will also promote the use of agricultural lime to reduce the acidity of our soils, enhance soil fertility and get more yield from the application of fertilizers. Ghana has an abundance of limestone to do this. I will prioritise the construction of the Pwalugu Dam by using private sector financing to crowd-in grant financing

• My administration will work to reduce the cost of public transport between 30-40% with the adoption of electric vehicles for public transportation. The public transport pricing formula is dominated by two key variables; the price of fuel and the price of spare parts. Electric vehicles do not use petrol or diesel and spare parts are minimal. That is what will bring down the fares for EVs. More importantly, transport fares for EVs will be stable and the constant and large increases in fares will become a thing of the past

• Under a Housing for All policy, I will also have a major focus on the provision of Public Housing in the same manner that Singapore did– We will partner with the private sector to build large housing estates without the government having to borrow or spend. Also, the National Rental Assistance scheme (which is working so well) will be enhanced to deal with the problem of demands for rent advance of two years and more

POWER SECTOR REFORM

• As part of the effort to reduce the cost of living, my government will implement policies to have energy self-sufficiency at reduced cost through solar and other renewables with the application of market efficiency to the energy market. We will diversify the generation mix by introducing 2000MW of solar power and additional wind power through independent power producers to reduce our dependence on oil and gas by the end of my first term in office. This will significantly reduce the cost of electricity

• The fact that current residential, commercial and industrial consumer’s power is still neither reliable nor cost competitive is a testament that the regulatory and administrative measures so far implemented have not fully achieved the objectives we have set for ourselves in dealing with the legacy issues we inherited

• Therefore, like the telecom market, we shall work to bring in the efficiency of markets, and expand competition from more private sector participation in generation and retail

• With reliable and cost competitive power, we will attract more manufacturing capacity into the country, create more jobs, improve services, export more products, and support our AfCFTA strategy to improve the participation of Ghanaian industries in intra-africa exports and trade

• To assist in the transition to green energy, there will be no import duty on solar panels

A GOLDEN AGE FOR THE MAXIMIZATION OF THE BENEFITS FROM NATURAL RESOURCES

• Ladies and Gentlemen, as President, I will usher Ghana into a Golden age for the maximization of the benefits from our natural resources like gold, lithium, bauxite, and so on. The key to doing this is value addition and Ghanaian ownership. We need a new paradigm in natural resource contracts

• Some of the key policies I will implement to maximize our benefits from our natural resources will include:

  • Formalize, regularize and regulate environmentally sustainable small scale mining. About one million people are engaged in small scale mining. Our goal would be to help grow small scale mining companies into large scale companies with capacity building and assisting them to access financing to acquire equipment. We can create many millionaires in the small scale mining industry if we support them
  • My government will support the Minerals Commission and key stakeholders to formalize the Artisanal and Small-Scale Gold Mining (ASGM) sector with the objective of ensuring that the activities of the entire value chain are sustainably and responsibly done so that most of the gold produced by this sector can be sold to the Bank of Ghana (BoG) and be eligible to be part of the gold reserves of the central bank
  • In line with this, we will license all miners doing responsible mining. District Mining Committees (including chiefs) will provide initial temporary licenses to miners
  • As long as miners mine within the limits of their licenses (e.g No mining in river or water bodies), there will no longer be any seizure or burning of excavators
  • I will fully decentralize the minerals commission as well as Environmental Protection Agency (EPA) and ensure that they are present in all mining districts
  • Every Ghanaian in Small Scale Mining will register   under Ghana Small Scale Miners Association with their Ghanacard
  • We will, in collaboration with the large mining companies, convert abandoned shafts into community mining schemes
  • Open more new community mining schemes
  • District mining committees should be responsible for reclamation and replanting
  • We will institute a pension scheme for small scale miners like we have done for cocoa farmers.
  • Introduce vocational and Skills training on sustainable mining for small scale miners in the curriculum of TVET institutions
  • Provide equipment to government authorities in mining communities to undertake reclamation of land
  • We will set up state of the art common user gold processing units in mining districts in collaboration with the private sector
  • My government will also conduct an audit of all concessions with various licenses and new applications. This will allow government to know licenses that have expired, and non-compliance with licensing conditions
  • To encourage exploration, I will abolish the VAT on exploration services (like assaying) to encourage more exploration
  • We will establish, in collaboration with the private sector, a Minerals Development Bank to support the mining industry
  • We will establish (through the private sector) a London Bullion Market Association (LBMA) certified gold refinery in Ghana within four years
  • All responsibly mined small scale gold produced will be sold to the central bank, PMMC or MIIF and will be required to be refined before export

INCREASE GHANA’S GOLD RESERVES TO SUPPORT THE CEDI

• Ladies and Gentlemen, a major factor influencing macroeconomic stability is the consistent depreciation of the cedi against foreign currencies. This is usually caused by pressure on our foreign exchange reserves. Appreciably increasing our reserves of gold at the central bank combined with prudent fiscal policy, is therefore one of the surest ways to keep the exchange rate stable

• Two policies that helped rescue the economy from catastrophe in the recent crisis were the Bank of Ghana’s domestic gold purchase program and the gold for oil program. The domestic gold purchase program (DGPP) is a program where the Bank of Ghana boosts its foreign exchange reserves by buying locally produced gold with cedis. Before this program, the total gold reserves of Ghana since independence was 8.7 tons. This compares to 3,352 tons for Germany, 2,814 tons for the IMF, 2,451 tons for Italy, and 8,133 tons for the United States. It did not make sense to me that Ghana, the largest gold producer in Africa, will have some of the lowest holdings of gold reserves so I proposed to the Bank of Ghana to start a Gold Purchase Program

• The Gold for oil program on the other hand allows the payment for oil imports with gold. So importers provide cedis which the Bank of Ghana uses to buy gold and pays the suppliers of the oil. This reduces the pressure on Ghana’s foreign exchange reserves and stabilizes the exchange rate

• The Bank of Ghana (BoG) has purchased 26 tonnes of gold (US$1.73 billion) since inception of the domestic gold purchase program under its gold for reserves policy. The government of Ghana’s Gold for Oil programme which started in late December of 2022 has purchased 16 tonnes of gold (US$1.06 billion) that has been available for the import of petroleum products. Together, the gold for reserves and gold for oil programmes have unlocked US$2.79 billion to meet external payments of the country in just over a year. These two policies have allowed us to build foreign exchange reserves, pay for critical imports like fuel, and stabilize the exchange rate. It is important to note that the $2.79 billion unlocked is almost equivalent to the $3 billion loan we have obtained from the International Monetary Fund to be disbursed over three years! What is clear to me is that if we had started implementing these policies say 20 years ago, Ghana would be in a very different situation today

• However, given the large amount of gold reserves Ghana has, this is just the tip of the iceberg. Ghana has seven large gold belts stretching from Axim and Winneba to Nangodi and Lawra. According to the Geological Survey Department, the belts cover an area of 43,000 square kilometres, with about 50% (21,000 km) not explored yet. The conservative estimate is that the potential quantum of gold in these unexplored belts is around 5 billion ounces. This has a market value today of $10 trillion dollars. My government will engage exploration experts from the universities and geological Institutions to assist in exploring our seven gold belts. However, even if only 5% of this 5 billion ounce estimate materializes, it will be a game changer for Ghana

• My government will provide the Geological Survey Department and our universities with resources annually to undertake a mapping of areas where we have gold reserves. As a matter of policy, we will legislate that concessions in these areas with proven reserves will be 100% Ghanaian owned since with proven gold reserves, we can easily raise the capital required and hire the expertise

• Our policy will be to build Ghana’s gold reserves appreciably to reach a point when we have sufficient gold reserves to keep our external payments position sustainably strong. This, along with a supportive fiscal discipline, will provide long-term stability for the exchange rate of the cedi and at the same time reduce our dependence on the Eurobond markets

• I believe that the maximization of the benefits from our natural resources will help create jobs, improve livelihoods, and improve the conditions of service of Ghanaian workers

INDUSTRIALIZATION FOR JOBS

• Ladies and Gentlemen, I will continue our policy of industrialization (in areas such as agro-processing (cocoa, cashew sheanuts, etc.) salt, gold and lithium refining and manufacture of batteries, and automobile assembly and manufacture) and empower the local business sector, especially startups and SMEs to drive investment and growth in Ghana, thus significantly boosting job creation. We must also protect local industry from smuggled imports that evade import duties.

• Special Economic Zones ( Free Zones) will also be created in collaboration with the private sector at Ghana’s major border towns such as Aflao, Paga, Elubo, Sankasi and Tatale to enhance economic activity, increase exports, reduce smuggling and create jobs

• Tema port will be fully automated and benchmarked to be as efficient as some of the best ports in the world like Hong Kong, Singapore and Dubai. Also there will be a new policy of aligning the duties and charges at Tema port to the duties and charges at Lome Port. Basically duties and charges at Tema Port should not be higher than Lome, our main competitor. This will also reduce smuggling and tax avoidance. Also for spare parts importers duties, will be at a flat rate per container (20 or 40 foot)

DEVELOPING A CREDIT SYSTEM FOR GHANA

Ladies and Gentlemen, in advanced economies, workers are able to easily access credit to purchase basic items such as Televisions, cars, and houses. They are able to do so because the credit system works and it is supported by individualized credit scoring by credit rating agencies. In Ghana, such a credit system is yet to develop and therefore life is harder for workers. It is my goal to make it easier and cheaper to access credit by Leveraging on our data and systems such as Ghanacard, GhanapostGPS, Mobile money Interoperability, DVLA, GRA, Bank Accountts, etc. to build an efficient credit system and mortgage market in Ghana underpinned by individualized credit scoring and the digitalization of land titling and transfer. We look forward to starting individualized credit scoring in Ghana this year and this will make it easier for Ghanaians to access credit at lower interest rates.

NATIONAL DEVELOPMENT PLAN

I believe we can find broad contours of a national development plan for which we can find consensus in areas such as education, health, industrialization, environment etc. I will support such a consensus national development plan. Specifically, I will propose to amend Article 87 of the 1992 Constitution as well as the NDPC Act (Act 479) to mandate political party manifestoes, and consequently, Economic and Social policies of governments, as well as budgets, to be aligned to the agreed on broad contours in specific sectors

CONSTITUTIONAL REVIEW

The current constitution was designed mainly for political stability and it has achieved that . We need to amend it with the help of Parliament to align it more for national development. In that context, I am committed to the process to amend the 1992 Constitution through extensive public consultation, with key emphasis on issues such as ex-gratia, the rights of dual citizens, election of MMDCEs to deepen decentralization, and empowering institutions while reducing the power of the President.

COLLABORATION WITH FAITH-BASED ORGANIZATIONS

• I want a Ghana where we place an emphasis on values and doing the right things, with the human factor playing its appropriate role in curbing corruption, bribery, crime, dishonesty, etc. in this regard, we will have a strong partnership between government and faith-based organizations. The contribution of Faith-Based Organizations (FBOs) e.g. Catholic Bishops Conference, Christian Council, Pentecostal Council, and Muslim Council, in areas such as education, health, infrastructure, and youth development is very significant and complements Government’s efforts. Faith-based organizations who meet a certain threshold in terms of their contribution to national development will be given additional incentives to enhance their work as development partners.

• As our domestic development partners, faith-based organizations contribute more to our development than some of our external partners. It is therefore important to recognize and incentivize some of our domestic development partners in some of the ways as we do for our external development partners. This will be legislated under the proposed Charities Bill. I believe this will help foster a golden age of enhanced collaboration between the state and faith-based organizations

TOURISM, SPORTS, AND CREATIVE ARTS

• Ladies and Gentlemen, I will also have a major focus on policies, tax and other incentives to increase private and public investment in tourism, creative arts and sports for more job creation. We will build on the Year of Return, Beyond the Return, December in Ghana. We will introduce other initiatives such as digital streaming platforms for our artists and tax incentives to make tourism and the creative arts a growth pole in Ghana. Tax incentives will also be provided for film producers and musicians. To boost tourism and job creation, my government will implement an e-visa policy for all international visitors to Ghana to enable visas to be obtained in minutes subject to security and criminal checks

• Sports is a multi-million dollar industry and an enabler for the youth. However, we have not realized our full sports potential, and we cannot maximize the full potential of Ghana sports, with the same funding module we have operated with since independence. My government will therefore, prioritise the creation of incentives for corporate sponsorship as a sustainable module of financing sports development and promotion for our national teams, including football, athletics and boxing at all levels. This will take the financial pressure off government, and also enable government to redirect more support to other sports disciplines

• My government, as part of a broad sports development vision, will establish the Ghana School Sports Secretariat, which will be an agency under the ministry responsible for sports, in collaboration with other stakeholders such as the GES and sports federations. My government will also seek school-level collaboration with international sports bodies like the NBA and NFL to make Ghana a hub for these emerging sports in Africa, to create more opportunities for young people. We have already tried this with the NFL, the governing body for American Football, which agreed to host in Ghana, in 2022, the first ever NFL Flag Football in Africa after my engagement with them. This paved the way for 10 young Ghanaians to be selected to the United States to represent Africa in a global NFL tournament last year. Another set of young Ghanaians, who were picked after the 2nd NFL Africa Football was also held in Ghana last year, are currently in the United States to represent Africa

CARE FOR THE VULNERABLE AND SPECIAL NEEDS

I want to build a nation that cares for and invests in the vulnerable like persons with disabilities, the aged, street kids, lepers, cerebral palsy patients, etc. in cooperation with faith based institutions and the private sector. My government will also focus on special needs. To start with, we will recruit 1,000 special education teachers and retrain teachers on how to work with special needs students. We will also train more speech and language therapists and occupational and behavioural therapists.

ADDITIONAL PRIORITIES

• Ladies and Gentlemen, we have secured visa free travel to a growing list of countries for the benefit of our citizens and businesses. However, the acquisition of passports by Ghanaians at home and abroad has continued to be difficult for many even though it has significantly improved. So far, Ghana has about 4.5 million passport holders and 17 million people enrolled on the Ghanacard (which is also an e-passport). To make it easy for Ghanaians to obtain passports, under my government, any Ghanacard holder will only have to pay a fee for a passport . If you a holder of a Ghanacard, you will not need to apply separately for a passport. You just provide Your Ghanacard number and pay the fee through your mobile phone. This is because the Ghanacard contains all the information and biometrics required for a regular passport. Your passport can then be delivered to your home using your digital address.

• A Bawumia administration will prioritize the full implementation of the Affirmative Action Act as should hopefully have been passed by January 2025

• Under my government, Free SHS will continue and we will improve upon it

• My government will expand infrastructure at medical schools as well as the Ghana Law School to support an increase in admission for students for medical and legal studies

• Ladies and Gentlemen, these are just my initial ideas. I have not covered every sector. The manifesto team for the campaign will come out with a comprehensive manifesto in due course

CONCLUSION

• Ladies and Gentlemen, so far, I have spoken about the economy, my contributions, my vision my priorities and policies. In conclusion, the choice Ghanaians face in 2024 is between Vice-President Bawumia and former President Mahama. It is fundamentally a choice between the future and the past. We have to ask ourselves a number of questions in making that choice

  • If you want someone you can you trust to come up with innovative and impactful ideas to transform Ghana, then it is Dr. Bawumia
  • If it is someone with personal integrity who can be trusted to fight corruption, then your choice, clearly, is Dr. Bawumia
  • And, if the person you have in mind is someone you can trust to work hard and tirelessly and selflessly for Ghana, it is Dr. Bawumia
  • If you want a leader who has a proven record, and who you can trust to create jobs for the youth, it is Dr. Bawumia
  • A man to trust to take care of the poor, disabled and vulnerable, It is Dr. Bawumia
  • if you are looking for the man who has the vision and commitment to prepare Ghana for the Fourth Industrial revolution, it is Dr. Bawumia
  • If you are looking for the man who is more committed to protecting and using our natural resources for the benefit of Ghanaians, It is Dr. Bawumia
  • Who will be more accountable to Ghanaians? A one term president like my competitor, or a person who can look to the long-term development of Ghana because he can have two terms? It is Dr. Bawumia
  • who can you trust to protect and improve Free SHS? Once again, it is Dr. Bawumia
  • Who can you trust to improve the National Health Insurance Scheme and improve the quality of healthcare in Ghana? It is Dr. Bawumia
  • who has demonstrated a commitment to the development of deprived communities like the Zongo Communities? it is Dr. Bawumia

• Ladies and Gentlemen, many people have said that I am the most impactful Vice President in Ghana since independence. I do not intend to compare what I have achieved as Vice President under President Akufo-Addo to that of a Vice President who could not, perhaps, make a mark. I would let you be the judge of that. But I can say that I have never been President of Ghana before. I am presenting myself to you for the first time to ask for your precious vote to serve you as your President. And in all humility, I would like you to give me the opportunity to become one of the most impactful presidents in Ghana’s history

• I have outlined many far-reaching measures in this speech. These are measures that should put us on the right path and transform our economy. I know that many of us might be tempted to say we have heard many bright and even brave ideas before, and that will be true. Many will say the problem we have is not the lack of ideas, but implementation. Many will say the problem is leadership. Ladies and gentlemen, I offer only what has guided me throughout my life. Hard work, personal integrity, accountability and selfless leadership

• I am determined to make a difference; a positive difference. I will work for you and with you; with honesty and integrity; with wisdom, and decisiveness. I have clarity in my mind as to what I want to do from day one if you make me President. I will not ask for a honeymoon to cool-off and think about what to do with the responsibility you would give me. I am prepared and ready to work if you give me the opportunity. You know what I stand for. You know my vision. My vision is all about fulfilling your mission. I believe in the ingenuity of the Ghanaian. Together, we can succeed in building a progressive society of possibilities, enterprise, compassion, open opportunities and shared prosperity for every Ghanaian, born rich or poor, born in the north or the south, born Christian or Muslim, born girl or boy