The Ghana Chamber of Commerce and Industry, says a proposal by Vice President and Flagbearer of the NPP, Dr. Mahamudu Bawumia to amend the Fiscal Responsibility Act to control government expenditure under his Presidency, as well as operate a lean government, is a step in the right direction.
During his recent address to the nation to announce his vision after he was elected flagbearer, Dr. Bawumia stressed on the need to maintain fiscal discipline, and announced a number of measures, including amending the Fiscal Responsibility Act, and a significant cut in the size of his government to ensure that.
At a stakeholders engagement between the Dr. Bawumia and the Chamber of Commerce and Industry in Accra on Wednesday, the Chamber welcomed the NPP Flagbearer’s proposals saying it will positively impact the private sector.
“The Chamber supports your position to amend the Fiscal Responsibility Act to add fiscal rule that requires that budgeted expenditure in any year does not exceed 105% of the previous year’s tax revenue.”
“As indicated in your vision, the Chamber also acknowledged the need for government to partner with the private sector to provide public infrastructure. This will incentivize private businesses to contribute to infrastructure provision and reduce pressure on limited government revenue.”
As part of his measures to cut government spending, Dr. Bawumia also announced that his government will operate a lean government of not more than 50 Ministers and Deputy Minister, a proposal the Chamber also lauded, and encouraged him to stick to.
The Chamber also welcomed Dr. Bawumia’s proposals to partner the private sector for infrastructure delivery, a new tax regime to enhance businesses including amnesty for businesses and individuals, and also commended him for spearheading the digitalisation of Ghana, which the Chamber noted, has impacted positively on businesses and the country.
The Chamber also made a number of proposals to Dr. Bawumia to consider, and the Vice President welcomed them, stating that they align with his vision.