Many Ghanaians are hoping for economic improvement as President John Dramani Mahama assumes office.
Mr. Mahama, who was sworn into office at the Black Star Square on Tuesday, brings an end to the two terms of President Nana Addo Dankwa Akufo-Addo, whose tenure was marked by efforts to uphold the rule of law but also economic strain. Ghana’s economic challenges dominated the election discourse, particularly with the nation’s reliance on gold and cocoa exports in a time of financial hardship.
The country had secured a three-billion dollar bailout from the IMF, which had been a necessary step to stabilize the economy. The nation’s economic struggles, including default crises and currency devaluation, were central issues in the last election. In an interview with the Ghana News Agency (GNA), business leaders, including those from the Ghana Union of Traders’ Association (GUTA), called for immediate reforms to ease the challenges faced by traders.
Mr. Joseph Paddy, GUTA’s Director of Communications, emphasized the need for President Mahama to address high business transaction costs, excessive taxes, and import duties. He advocated the implementation of Mahama’s proposed flat tax system to help ease the burden on the business community to enable it to thrive. “The cost of doing business in the country is too high,” he lamented, saying that that deterred potential investors.”
Issues relating to the e-levy, emission tax and COVID-19 tax should be critically looked at, he told the GNA. Other traders also expressed their frustration with the high cost of living in the country, urging the incoming President to take steps towards stabilizing the situation.
“Mr. President, my appeal to you is to work assiduously to alleviate the burden on the youth and reinstate toll booths to accrue more revenue. “We want the 24-hour economy to work, and create more jobs, revenue and improve livelihoods,” Ms. Anna Boateng, a petty trader, told the GNA. Other individuals, including mechanics, food vendors, drivers, and young people, expressed optimism that the new President would work tirelessly to improve the lives of citizens.
In his inaugural address, President Mahama emphasized that his immediate priorities would include economic restoration, stabilizing the macroeconomic environment, improving the business and investment climate, implementing governance and constitutional reforms, and tackling corruption through enhanced accountability.
Source: GNA
