SPEECH DELIVERED BY H.E. DR. MAHAMUDU BAWUMIA VP OF THE REPUBLIC OF GHANA AT CEO PRESIDENTIAL GALA DINNER AT MOVENPICK HOTEL NOVEMBER 7TH, 2024
It is a distinction to be here among such countless imaginative and dynamic personalities and to address the main drivers of our country's genuine motor of development, the confidential area. Mr. Sincere De-unite Egir and group, thank you for the greeting, and for building an organization of business pioneers.
As the official competitor of the New Patriotic Party (NPP) in the forthcoming December 2024 decisions, I have traversed a few urban communities, towns, and towns to look for the order of individuals in whom a definitive power of this extraordinary country dwells. I have seen and heard from Ghanaians from assorted groupings and influences; ladies, men, youngsters, the matured, teachers, experts, non-experts, Kayayei (heard doormen), the jobless, and a few other similarly significant gatherings.
As Presidents I accept you have likewise connected with various constituents. It is in this soul that I have anticipated the lady release of the official declaration occasion supper, themed:
"Reigniting the Business Economy: A Pronouncement for Development, Responsibility, and Practical Turn of events" as a significant chance to share thoughts that will help our kin. I should say, this topic is in accordance with the substance of the 2024 Declaration of the New Devoted Party, which is named: 'Sacrificial Administration, Strong Answers for Occupations and Business.'
Lovely people, as a recognized gathering of Ghanaians, CEOs, your commitments can lift Ghana's political talk from sheer manner of speaking and guileful control of data to main problem based city talk.
This is the very thing that I have supported throughout the long term; an emphasis on issue-based and information upheld public discussions. One such point is the way to reignite the business economy in Ghana.
Reigniting the business economy
Lovely people, as you may be in every way mindful, Bawumia implies business! From being a broker to VP to Official up-and-comer of the NPP, my obligation to business improvement has been predictable. The explanation is straightforward. At the point when organizations get along nicely, the economy gets along admirably, as well as the other way around. Show me a light public economy in any region of the planet and I'll show serious areas of strength for you strong organizations behind it.
Without a doubt, as a significant number of you are completely mindful, the Ghanaian economy and in this manner numerous Ghanaian organizations have experienced the discomfort of the new worldwide monetary emergency, the most terrible beginning around 1933. Our expansion rate increased to as high as 54% in 2022 with orderly cash deterioration Our obligation levels additionally expanded fundamentally.
I might want to make a move to show appreciation to the Ghanaian public, particularly the business local area and the bondholders, for the penances all of you put forth in supporting government's attempts to rebuild our obligations and protect the economy. Be that as it may, the uplifting news is; the Ghanaian economy is recuperating.
The Ghanaian economy extended by 4.8% in Q1 and 6.9% in Q2 of 2024 - the most elevated quarterly Gross domestic product development in the beyond five years. Non-oil Gross domestic product development was major areas of strength for similarly a development pace of 5.6% in the main portion of 2024, far higher than the 3.8% development rate in the primary portion of 2023. The business area encountered a normal development of 8.0% in the principal half of 2024. The Agribusiness and Administration areas likewise extended by 5.0% and 4.4% separately in the primary portion of 2024.
It is vital to take note of that despite the effect of the worldwide financial emergency on our economy, it might come as a shock to some (counting the previous president himself) that with regards to the fourth Republic, Previous President Mahama has the most terrible monetary presentation of all Presidents in the fourth Republic. In any case, he appears to be not to comprehend that and keeps on discussing our financial exhibition as though his was better. The information shows that in practically, all areas of the economy: Occupations made, Gross Worldwide Stores, Essential Equilibrium, Exchange Equilibrium, Gross domestic product, Horticultural and Industry Development, our administration, even amidst the worldwide cris, has beated the Mahama Government.
Our administration has made 2.6 million positions somewhere in the range of 2017 and 2024 despite the worldwide financial emergency. This is the most elevated work creation by any administration in the fourth republic.
Ghana's gross worldwide stores expanded from a normal of $5.8 billion in the 2013-2016 period to a normal of $7.6 billion somewhere in the range of 2017 and 2023.
Ghana's essential equilibrium contrasted with Gross domestic product arrived at the midpoint of - 1.31% over the period 2013-2016 contrasted with - 0.79% over the period 2017-2023.
Ghana's exchange balance (the contrast among products and imports) preceding 2017 was in relentless deficiency (for most amazing aspect of 30 years!). Somewhere in the range of 2013 and 2016 the import/export imbalance found the middle value of $2.5 billion. The exchange balance improved fundamentally to an excess that found the middle value of nearly $1.9 billion somewhere in the range of 2017 and 2023.
On Gross domestic product development, it is important that between 2013-2016, Ghana's Gross domestic product development arrived at the midpoint of 3.9%. During our initial term (2017-2020) Gross domestic product development expanded to a normal of 5.3%. Following Coronavirus and the worldwide stoppage, Ghana's Gross domestic product development declined to a normal of 4.74% somewhere in the range of 2017 and 2023.
Agrarian Gross domestic product development expanded from a normal of 2.9% between 2013-2016 to a normal of 4.5% somewhere in the range of 2017 and 2023, and
Modern Gross domestic product development likewise pursued a comparable direction. In the wake of averaging 3.3% somewhere in the range of 2013 and 2016, modern development expanded to a normal of 4.12% somewhere in the range of 2017 and 2023.
As well as beating the Mahama Government in practically this multitude of region of the economy, our administration has similarly executed more friendly mediations (for example Free SHS, Free TVET), conveyed more foundation (streets, rail line, medical clinics, schools, sports offices, disinfection offices, courts, fish landing destinations, and so on) the nation over despite the difficult economy we acquired, and the worldwide monetary emergency that followed. We have additionally digitalized the economy through different drives like the Ghanacard and Versatile Cash Interoperability.
What all examiners, from IMF to the rating offices settle on, is that the Ghanaian economy will develop considerably quicker one year from now. As a matter of fact, S&P puts its development estimate for Ghana in 2025 at a noteworthy 5.4%. I'm much more hopeful that it is feasible to hit 6% if, with your vote, we can carry out the business-accommodating drives which I have framed in the NPP Pronouncement, some of which I will feature here.
Fine people, the Ghanaian economy has seen huge improvement on a few fronts be that as it may, getting teeth challenges remain. A significant number of you, Presidents, particularly those of you who carry on with work outside Ghana will realize that the difficulties we face are normal to our sub-local friends and, surprisingly, all through the worldwide economy. Like never before, there is a requirement for consistent development in the event that we are to win over the difficulties that we face as a country.
To this end I'm proposing to redesign Ghana through inventive Intense Arrangements. It is essential to take note of that the NPP government has shown approach advancement in handling probably the most difficult issues in our country over the most recent couple of years. In training for instance, we carried out a free senior secondary school and free TVET strategy in spite of the chances. The records show that Ghana has the second most noteworthy schooling quality in Africa.
In Wellbeing, we have digitized client records, worked on the NHIS enrolment process, and expanded its inclusion. Government is dealing with the aggressive Plan 111 task. In this most aggressive wellbeing infrastructural project, we mean to further develop the prosperity of Ghanaians, increment future, and utilize around 72,000 wellbeing laborers. Today, Ghana likewise has the biggest clinical robot conveyance administration on the planet.
In Industry, our modern arrangement has acquired 12 significant vehicle fabricating worldwide organizations, including Nissan, Volkswagen, Toyota, Peugeot, Suzuki, KIA, Honda and Hyundai. A fruitful strategy carry out, which, once more, is currently being baffled by postpones in passing a regulation, the Traditions (Change) Bill 2024, which will offer zero rate custom levy for the contributions for collecting these vehicles.
We have likewise presented a gold-for-oil strategy pointed toward lessening the proceeded with reliance on unfamiliar trade to back the import of oil items. Once more, we have tried to formalize the generally casual Ghanaian economy by presenting the advanced property address framework and the Ghana card.
That is not all. The Fourth Modern Upset is currently in progress. It is influencing our reality. The advancements driving this change, for example, blockchain, man-made brainpower (computer based intelligence), information investigation, distributed computing, and the Web of Things, have upset whole ventures. Through my digitalization drive, I have demonstrated my insight into the issues and my availability to direct Ghana — particularly our youngsters — to exploit advanced advancements to develop and change our economy.
The rundown of the creative and strong arrangements is unending, and it makes a statement - I'm focused on supporting our positive development measurements and building a versatile financial design fit for conveying expansive based and comprehensive turn of events. As pioneers, you will concur with me that barely might drives at any point be 100% fruitful at first occasion. It is the obligation to the interaction and the consistent finetuning of them that brings genuine change. The public authority that I will lead starting from January 7, 2025, will constantly seek after creative reasoning and strongly carry out something similar to have an effect when I win the forthcoming December 2024 Public Official Races. To specify only a couple:
I know a significant number of you in this room are anxious to exploit the monetary recuperation to develop back your endeavor. However, you may likewise be battling with a major taxation rate and immense punishments slapped on top of your duty unpaid debts. A considerable lot of you are investing valuable energy that can be utilized gainfully, going this way and that with income officials, over conflicts on what might be owed. I need to let you free from that migraine. Whenever chose, I will do as such by presenting a drastically new duty framework, starting in 2025.
My administration will give an all out charge pardon (for example a total exception from the installment of earlier charges due and the postponing of all related interest and punishments) to people and organizations who neglected to document charges in earlier years.
The aim, similar to all pardons, isn't to compensate terrible way of behaving yet, rather, to give the recipients a new beginning. Consequently, my administration will expect every one of the people who benefit from this most critical signal to put such investment funds straightforwardly into making position and developing their business.
Second, from every one of my collaborations with citizens, what you need is an expense system that is straightforward, simple to consent to, simple to uphold, milder on the citizen and, positively, not subject to the circumspection of the duty gatherer. I vow to give you precisely what you need.
My administration will present a level duty of a level of pay for people and organizations with fitting exclusion edges set to safeguard poor people. We will improve on the corporate expense framework. We will change the Worth Added Duty system by consolidating all tolls into a solitary detail duty and treat the blended duty as a feature of info and result Tank. The new framework ought to permit you to finish your government form in minutes!
Likewise, everybody will be expected to document an extremely basic government form electronically. E-invoicing, as being carried out by the GRA will be stretched out to all organizations. There will be no manual or paper recording of duties. Seeing GRA officials positioned on manufacturing plant and shop floors will before long be history. Anonymous appraisals will give straightforwardness and responsibility and upgrade the battle against debasement and the push for more noteworthy consistence.
Allow me to underscore, my administration will be for business. All I request that is for business accompany me. A Bawumia Administration will support and enable the confidential area to back, form, and lease or rent to-claim to government countless public framework, from schools to homes, and from streets to gear and vehicles.
We perceive the supremacy of government spending in upgrading development, and the NPP will be purposeful in guiding this critical government capacity to the confidential area. By utilizing the buying force of government and diverting it towards the confidential area, Ghanaian organizations will have a steady and expanded pipeline of ventures and incomes, in light of which they will make occupations and administrations. The public authority will work with organized long haul funding and installments choices to help it. This will likewise prompt effectiveness acquires by cutting waste, defilement and guaranteeing an incentive for cash in obtainment. My center is to track down arrangements and not to repeat issues, tediously.
To accomplish this, I will
increment Public-Private-Organizations (PPPs) as a significant funding model for conveying public framework projects, including schools, lodging, water, and streets
cut 3% of Gross domestic product from government use (GH₵30 billion), and divert it towards private area arrangement of public framework and administrations, as prior expressed
influence government's buying ability to invigorate modern extension and business development with a severe "Purchase Ghana First" strategy, under which all labor and products obtained by the public area will initially be obtained from nearby makers or specialist co-ops.
lay out a SME Bank to meet the extraordinary funding needs of little and medium organizations, which utilize more than 80% of Ghanaians, particularly ladies
set up a Ladies' Exchange Strengthening Asset to help ladies possessed organizations with assets for extension and working capital
offer new businesses Venture Tax reductions (ITC) for the initial three (3) long stretches of their activities
make the expense of power less expensive for enterprises by making business taxes equivalent or lower than private rates
present a level rate arrangement of obligations for all merchants
lower port accuses to contend of charges in provincial ports, especially, Lome, Togo
Today, we left a mark on the world when I sent off the primary individualized credit scoring system in Ghana, MyCredit Score. We will utilize the Credit Scoring Framework to empower the normal Ghanaian to purchase on layaway: "Purchase currently, pay little, little". This will increment homegrown interest, increment creation and make occupations
lay out a Fintech Asset with seed capital of US$100 Million (GH₵6 billion) to draw in extra confidential area subsidizing to help Ghanaian new companies creating installments and monetary administrations arrangements
give adventure financing and award support for economically feasible tech projects by Ghanaian new companies to drive development, encourage cutting edge business, make occupations, and develop Ghanaian super advanced organizations, and
complete the digitalisation of land naming and enrollment to permit proprietors of landed properties to utilize their resources for raise capital for business development and extension.
Maintainable turn of events and responsibility
My vision for Ghana is to carry out striking creative answers for guarantee maintainable turn of events. Be careful with those looking for momentary commands and promising convenient solutions. They don't stand the test of time. Manageable advancement is certainly not another option, it is our main choice. In Ghana, 73% of the populace is 0 to 35 years of age. This really intends that around seven out of ten Ghanaians are kids and youngsters. The present and people in the future are relying on us for quality and more reasonable training. They are depending on us for further developed wellbeing administrations, harmony and security, solid food supply, a protected climate, clean water, or more all reasonable positions and financial success.
The NPP Proclamation, which some have portrayed as the greenest pronouncement, earnestly commits to safeguarding our current circumstance. My administration will improve the assurance of our woodlands and biodiversity areas of interest and reestablish our timberlands through reforestation programs.
We will introduce a Brilliant Age for Ghanaian-possessed limited scope Digging for Riches and Occupations, and advance capable and reasonable limited scope mining, including tending to unlawful limited scope mining by:
making accessible demonstrated holds information to limited scope excavators to assist manage the related issue of experimentation searching for gold, and
working on the limited scale mining permitting system.
Laying out a minerals improvement bank
This is supposed to affect decidedly in working on the existences of, especially, the assessed 3 million Ghanaian jobs that are said to rely upon limited scope mining.
My point, over the initial four years, is to increase financial action across board to accomplish, and support, at any rate, a typical 6% development, which will be positive for work creation and upgrade expectations for everyday comforts of the Ghanaian laborer.
Recognized Fine people, I need to construct a Ghana where we influence innovation, information and frameworks for comprehensive financial development. I believe we should apply advanced innovation, STEM, mechanical technology and computerized reasoning for the change of horticulture, medical care, training, fabricating, fintech and public help conveyance. To do this and the sky is the limit from there,
we will prepare a million youngsters in all areas and levels of computerized abilities, including programming engineers to give open positions around the world. I need to wipe out the advanced separation by accomplishing 100 percent web entrance in Ghana by 2028. As of now, we have expanded web entrance from 34% in 2016 to some 70% today. Not set in stone to not allow Ghana to pass up the Fourth Modern Unrest as our mainland did on the Modern Transformation a few centuries back.
Upgrading Responsibility
Lovely people, without responsibility, there will be no trust, and without trust, the economy won't flourish. Trust is the bedrock of any economy, and we should lay out frameworks that cultivate this trust between organizations, the public authority, and individuals of Ghana. My organization will keep on reinforcing against debasement foundations and smooth out government processes by simplifying them for you to begin, work, and extend your organizations without administrative obstacles. We plan to make carrying on with work in Ghana more straightforward, proficient, and alluring to nearby and global financial backers.
Responsibility is important for our technique to fabricate a versatile, business-accommodating economy for development and occupations. As shown in our proclamation, we will utilize public arrangement and assets to back business development and occupations by guaranteeing conversion scale security too. To do this; we will
utilize our attempted and tried Gold Buy Program to balance out the cash, to give organizations and ventures consistency in arranging, and guarantee dependability in input costs, and
diminish the minerals send out duty to 1% to deter gold pirating and support Bank of Ghana's acquisition of gold.
Moreover, we will further develop straightforwardness in the dissemination and utilization of public monies by taking on advanced arrangements and open-information stages, guaranteeing that all residents know about the proficient and dependable utilization of their well deserved cash.
End
Ghana is at the intersection of a special open door. Our monetary circumstance is working on in accordance with targets. We have the stuff to fabricate a significantly more grounded, more hearty, imaginative, and open economy.
As you can see from my entries up until this point, each subject referenced is trailed by substantial advances and activities to accomplish results. In making a business-accommodating economy, we will make strong and practical moves.
Our proposed arrangements are best for the country, particularly when the distinction between the two decisions facing us as a group is certainly tremendous, from our separate histories to vision and projects.
Additionally, a long time from today, you can carry me back here to remain before you and render record to you on how far we have gone in satisfying this aggressive commitment that I make to the Ghanaian nation today. And my rival?
Recognized Fine people, it is feasible to reignite the business economy through constant advancement, improved responsibility, and obligation to maintainable turn of events assuming that we set our attention to it and take a stab at it. Everybody plays a part to play.
I accept I have exhibited my magnanimity and individual trustworthiness through open assistance. I have presented with most extreme genuineness, energy and greatness. I have never inquired "how might this benefit me?"
I modestly request your help with the goal that together we can attempt to change our nation and convey flourishing to our residents.
I offer myself in your administration as your Sacrificial Chief, proffering striking creative Answers for Occupations and Business. I'm relying on your help for this mission.
Put your confidence in me. I won't let you down. I am aware of the difficulties that you have experienced. It kept me conscious and how to help you back keeps me alert. This is my obligation to you, and I will represent each vow I have made before you today.
The decision is our own. Allow us to pick astutely.
Much thanks to you for your caring consideration. God favor our country Ghana. Distinguished Fine people, it is feasible to reignite the business economy through constant advancement, improved responsibility, and obligation to maintainable turn of events assuming that we set our attention to it and take a stab at it. Everybody plays a part to play.
I accept I have exhibited my benevolence and individual respectability through open assistance. I have presented with most extreme truthfulness, enthusiasm and greatness. I have never inquired "how might this benefit me?"
I modestly request your help so together we can attempt to change our nation and convey flourishing to our residents.
I offer myself in your administration as your Sacrificial Chief, proffering strong creative Answers for Occupations and Business. I'm depending on your help for this mission.
Put your confidence in me. I won't let you down. I am aware of the difficulties that you have had to deal with. It kept me alert and how to help you back keeps me conscious. This is my obligation to you, and I will represent each promise I have made before you today.
The decision is our own. Allow us to pick admirably.
Much thanks to you for your caring consideration. God favor our country Ghana.