At CEO Presidential Manifesto Gala: Dr Bawumia promises to boost business sector

The Vice-President, Dr Mahamudu Bawumia, has assured Ghanaians that the government under his leadership would strive to keep Ghana’s business sector vibrant, innovative and competitive on a global scale. 

He said the agenda included incentives for start-ups, tax credits for the first three years of a business’ operation and plans to cut industrial electricity costs through a gradual shift towards solar energy use, which should further reduce energy expenses and enhance industrial productivity.

“We cannot grow our economy if businesses are crippled by high energy costs,” he asserted, adding that he would lower electricity costs by 50 per cent to make Ghana’s industrial landscape even more competitive on the continent. 

Event

Dr Bawumia gave the assurance at the maiden Ghana CEO Presidential Manifesto Gala Dinner in Accra last Thursday.

The event brought together top business executives, envoys, policymakers and representatives from various ministries and organisations in Ghana, West Africa and around the world.

It was held on the theme: "Reigniting the Business Economy and Social Contract for Growth: A Business Manifesto for Political Accountability and Sustainable Development”, and focused on how business and political strategies could work together to drive sustainable growth and ensure accountability.

“Strong businesses form the foundation of every successful national economy. They play a crucial role in job creation, driving innovation and supporting sustainable development,” Dr Bawumia emphasised.

He mentioned plans to champion the "Buy Ghana First" policy, which would prioritise local production in all government procurement.

He said that would be an improvement on current practices of sourcing materials and equipment from foreign suppliers, leading to unemployment among Ghanaian workers.

“It is not cheaper abroad if it costs Ghanaian jobs. Our duty is to support local industry, create jobs and grow our economy,” he said.

He then pledged to make the "Buy Ghana First" policy a legal mandate to ensure that domestic producers and service providers got the first opportunity to meet government procurement needs.

Public-private partnerships

The Vice-President further committed to boosting Ghana's economic growth through increased public-private partnerships (PPP)s, recognising the private sector as a crucial engine for economic revitalisation.

He argued that effective PPPs would finance, build, and maintain infrastructure projects from schools to roads thereby easing government’s fiscal burden.

“Ghana’s private sector is more than ready to deliver the infrastructure our country needs. When government partners with private businesses, our economic foundation becomes stronger,” he stated.

He also stated that a targeted reduction of three per cent in government expenditure, amounting to an estimated GH¢30 billion, would redirect significant resources to the private sector to provide public infrastructure.

He further pledged to streamline procurement and support private investment with long-term financing options, which, he said, would create a “stable pipeline of projects” for Ghanaian companies.

He stressed that by moving away from direct government spending on infrastructure, the state could avoid unnecessary cash flow drains and empower the private sector.