As Ghana prepares for the upcoming general election scheduled for Saturday, December 7, 2024, John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has pledged to bolster the Cedi within the first 100 days if elected.
Speaking with fervour, Mahama stressed the importance of a robust national currency and stable economy, asserting that these elements are crucial for laying a solid foundation for the country’s future.
In outlining his vision, Mahama vowed that a future NDC administration would trim government spending while simultaneously enhancing revenue through widening the tax base. Additionally, he announced plans to abolish the Electronic Transfer Levy (E-Levy) and certain other taxes, aiming to alleviate financial burdens on citizens.
Speaking at the 8th CEOs Summit held in Accra on Monday, May 27, 2024, John Dramani Mahama said, “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.
“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.
Recall that the Cedi has over time been growing weaker against the Dollar and other major trading currencies. The exchange rate currently stands at GH¢15 to 1 USD and GH¢19.670 to a Pound Sterling.”