Presidential Candidate of the National Democratic Congress (NDC), John Dramani Mahama, has pledged to bolster the local currency’s stability within his first 100 days if re-elected in the 2024 general election.
He emphasized that prioritizing the stabilization of the Cedi and the economy is crucial to establish a solid foundation for the country.
Mahama elaborated that the forthcoming NDC administration will reduce government spending and enhance revenue generation by broadening the tax base.
Furthermore, he announced plans to abolish the Electronic Transfer Levy (E-Levy) and certain taxes that impose a burden on businesses and households.
Addressing attendees at the 8th CEOs Summit held in Accra on Monday, May 27, 2024, John Dramani Mahama articulated his vision.
“The number one priority will be stabilizing the economy and restoring a stable currency by launching an urgent economic recovery and fiscal consolidation plan following a national economic dialogue to be held within one hundred days of assumption of office.”
“We will do this by pruning the huge government expenditures, preventing waste and corruption, and boosting revenues by expanding the tax net. We will simplify VAT and streamline its collection. We will abolish the e-levy and some taxes that have become burdens on businesses and households. We will not burden you with endless tax audits and harass you with EOCO,” the NDC flagbearer said.
“We will continue digitalizing our revenue collection and payment systems. By 2028, we aim to phase out cash as a form of payment for all government services. We will also entrench the use of POS devices in transactions to make tax and levy collection more transparent. Our economy has long relied on a few key sectors, such as gold, cocoa, and, more recently, oil, which we call the Guggisberg economy,” he added.
In recent decades, the Cedi has lost value in relation to major trading currencies, particularly the US dollar.
The local currency is currently selling at GH¢15 to 1 USD and GH¢19.670 to a Pound Sterling.”