Bawumia committed to strengthening economy, says Kojo Oppong Nkrumah

The Minister of Works and Housing, Kojo Oppong Nkrumah, has affirmed that Mahamudu Bawumia, the New Patriotic Party’s (NPP) presidential candidate is committed to bolstering the country’s economy. 

Speaking on AsaasePa 107.3 on Wednesday (25 September), Oppong Nkrumah outlined several key government policies aimed at ensuring economic sustainability.

Among the proposed measures is the introduction of a flat tax rate applicable to all taxpayers nationwide. 

This initiative is designed to simplify tax payments for businesses and individuals, enabling them to anticipate their financial obligations regardless of fluctuations in the exchange rate. 

Oppong Nkrumah explained that this reform aims to reduce tax evasion by encouraging transparency in income disclosure.

“The tax will not change to enable business owners to know their expected due payment irrespective of the change of rate of the dollar,” he said. 

He also highlighted that the initiative would allow for the settlement of outstanding debts owed to the Ghana Revenue Authority (GRA), creating a more efficient tax collection system.

In an effort to stimulate youth employment, Oppong Nkrumah revealed Bawumia plans to establish small and medium enterprise (SME) banks with an initial investment of US$100 million within the first six months of his administration. 

This initiative seeks to support young entrepreneurs and foster job creation.

He also discussed the government’s commitment to improving the Free Senior High School (SHS) programme by enhancing infrastructure, thereby making education more accessible and effective for students and stakeholders alike.

Reflecting on recent economic recovery, the minister attributed progress to the government’s responsive measures during the COVID-19 pandemic, which included free utilities and salary payments for public sector workers. 

He noted that, while new taxes such as the e-levy were introduced to address fiscal deficits, the government eventually sought assistance from the International Monetary Fund (IMF) due to a national debt level reaching approximately 80% of GDP.

Highlighting ongoing development projects, Oppong Nkrumah cited the construction of twelve interchanges across the country and expedited housing projects for public servants as crucial to enhancing infrastructure.

He reiterated that the recent economic improvements are the result of strategic governmental initiatives rather than political posturing.

Reporting by Nhyira Kwabi Angela in Accra

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