Veep engages GNCCI on economic policies

Toward bolstering the partnership between the government and the business community, Vice President Dr. Mahamudu Bawumia convened a crucial dialogue session with the Ghana National Chamber of Commerce and Industry (GNCCI).

This marks the first of such engagements with the business community, aimed at fostering dialogue and understanding on critical economic matters.

The objective of this high-profile dialogue session was to deliberate on the growth trajectory of the private sector and the broader economy, setting the stage for the New Patriotic Party’s (NPP) manifesto preparations for the upcoming 2024 elections.

Addressing the gathering, Dr. Bawumia, who doubles as the Presidential Candidate for the NPP, outlined a comprehensive vision for the economic landscape, particularly emphasising the need for targeted interventions in key sectors such as mining.

He proposed the establishment of a Minerals Development Bank to cater specifically for the financing needs of the mining industry, highlighting the importance of fostering financial institutions’ interest in providing support to both formal and informal sectors.

“What I am proposing is that we set up a Minerals Development Bank because we need a specific bank that will focus on the mining industry,” he said during the session.

Furthermore, he reiterated his commitment to maximising the country’s natural resources, advocating for a paradigm shift toward comprehensive exploration and sustainable utilisation.

Emphasising the potential of Ghana’s unexplored gold reserves, he stressed the importance of proactive exploration initiatives to harness this immense economic potential.

“I want to introduce a golden age of the maximisation of our natural resources in Ghana… So let us do the exploration; let us not wait for others to come and see they have done, let us play for the exploration,” he articulated passionately.

In response to Dr. Bawumia’s proposals, Dr. Clement Osei Amoako, President of GNCCI, underscored the crucial role of public-private partnerships in infrastructure development.

He emphasised the necessity for streamlined governance and efficient resource allocation to support the private sector’s contribution to national development.

“The need for government to partner with the private sector to promote public infrastructure… The key issue is that we must resolve the fuel business,” stated Dr. Amoako, highlighting the imperative of collaboration between government and private enterprises.

Moreover, Dr. Amoako articulated the chamber’s perspective on taxation policies, advocating for a fair and conducive environment for businesses to thrive. He called for a revision of tax rates and strategies to alleviate the burden on businesses, particularly in the context of repatriation of funds and property taxes.

The dialogue session concluded with a mutual commitment to continued collaboration and dialogue between the government and the business community. Both Vice President Bawumia and Dr. Amoako expressed optimism regarding the prospects of future engagements, underscoring the shared goal of fostering sustainable economic growth and prosperity for Ghana.