Rédaction Africa Links 24 with Evans Annang
Published on 2024-03-21 17:33:13
Dr. Mahamudu Bawumia, the Vice President of Ghana, recently engaged with the Ghana National Chamber of Commerce and Industry to discuss his vision for the country’s economic future. In his address, he emphasized that while he has never been President and does not have the authority that comes with that position, his track record as Vice President speaks for itself, with many considering him to be the best Vice President in history.
One of the key points Dr. Bawumia raised during his engagement was the need for a change in the country’s tax structure. He believes that the current tax system is not fit for purpose and advocates for a shift towards a more competitive model similar to developed countries like Estonia.
In a bold move, Dr. Bawumia announced plans to grant a tax amnesty to all businesses and individuals in 2025, allowing them to start afresh under a new flat tax system. This initiative aims to simplify the tax system and make it more efficient, drawing inspiration from Estonia’s successful implementation of a similar model.
Furthermore, Dr. Bawumia highlighted the importance of faceless audits to streamline the auditing process and reduce the burden on businesses. With the use of digital frameworks, he envisions a future where officials do not need to physically visit businesses for audits, but instead, conduct them remotely and efficiently.
In his commitment to transforming Ghana’s economy, Dr. Bawumia expressed his determination to shift the country from a social intervention economy to one that is led by the private sector. He believes that by addressing high taxes, improving the exchange rate regime, and creating a conducive environment for private sector growth, Ghana can become more competitive within the ECOWAS sub-region.
Overall, Dr. Mahamudu Bawumia’s engagement with the Ghana National Chamber of Commerce and Industry showcased his visionary approach to economic development and his dedication to implementing reforms that will drive Ghana towards greater prosperity. His proposals for tax reform, faceless audits, and a shift towards a private sector-led economy signal a bold and ambitious agenda for the country’s future economic growth.
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