Decline on World Bank’s ease of doing business index will be tackled – Mahama

BY 3 NEWS - Oct 27, 2020 at 4:09pm 100

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Former President John Dramani Mahama has promised to initiate a number of projects and policies to strengthen the business environment in Ghana if he wins this year’s elections.

Mr. Mahama said he will refocus and re-orient the operations of the Ghana EXIM bank, which he established in 2016 to promote exports and create sustainable jobs.

“The lack of transparency in disbursement and flagrant abuse of the funds of the bank on non-core activities to the neglect of many-core and legitimate viable business plans begging for credit saddens me.

“Under my watch, the Ghana EXIM bank in addition to other funding streams will support agriculture and agribusinesses for both the domestic and export markets through the creation of agro-production and processing zones in all major crop-producing areas across Ghana,” he said.

The presidential candidate of the National Democratic Congress (NDC) was speaking at an engagement with professionals in Ghana on the NDC peoples’ manifesto organized by the Centre for Social Justice in Accra on Monday, October 26.

He said “Our decline on the World Bank’s ease of doing business index will be tackled to satisfy the Association of Ghana Industries (AGI), Traders and all Ghanaians. We automated the Registrar General Department to facilitate business registration and we are promising to do more. We will also work hand in hand with stakeholders to be assured they will invest the gains in ventures that will expand businesses to create more jobs for the youth.

“Let me reassure you, we will scrap the 25% corporate income tax for small businesses and reduce Corporate Income tax from 25% to 15% for medium-scale businesses. Furthermore, we will not only offer a 2-year tax holiday for youth startups and businesses but also provide a 2-year Corporate Income tax exemption for newly incorporated medium-scale businesses that employ 20 people or more.

“I promise to refocus and re-orient the operations of the Ghana EXIM bank, which I established in 2016 to promote exports and create sustainable jobs. The lack of transparency in disbursement and flagrant abuse of the funds of the bank on non-core activities to the neglect of many-core and legitimate viable business plans begging for credit saddens me.

“Under my watch, the Ghana EXIM bank in addition to other funding streams will support agriculture and agribusinesses for both the domestic and export markets through the creation of agro-production and processing zones in all major crop-producing areas across Ghana. It is our expectation that these interventions will make Ghana self-sufficient and a major exporter of finished goods. Processing of cashew, cocoa, shea, palm, cassava, pepper, ginger, fruits, and rubber will also be emphasized to put money in the pockets of farmers and entrepreneurs.

“The fishing, poultry, and livestock industry will be a key pillar in the quest to make Ghana self-sufficient. We shall hand over the management of pre-mix fuel to transparently constituted Landing Beach Committees and ensure it is affordable and available for fishing communities.

“We shall equip the Navy to fight 'Saiko' fishing. Subsidized outboard motors will also be made available and fishers will also be encouraged to engage in commercial cage culture on lakes and rivers. To meet our protein-energy requirements, attention will also be given to both the poultry and livestock industry. Still, in the agriculture sector, cocoa farmers will be given free fertilizer as it used to be under our administration. And in general, farmers will be supported with inputs to improve their yield.”